Vehicle shortages to continue, market affects insurance premiums – Norman Transcript

Consumers continue to pay considerably more than the manufacturer-suggested retail price for new cars, and now the insurance needed to legally drive them is also rising as semiconductor chip shortages and foreign conflict persist.

Supply chain disruptions and opportunities to lock in low interest rates on auto loans have created insatiable demand for new vehicles over the last year, subsequently pushing the price of many used cars as high as new ones.

According to the latest Consumer Price Index data from the Bureau of Labor Statistics, in March, new vehicle prices increased 12.5% year-over-year.

In the Oklahoma City metro, the average new car is priced 10.3%, nearly $4,000, above MSRP, according to automotive search engine iSeeCars. The price increase ranks 12th-highest among the top 50 most populous metro areas.

Karl Brauer, executive analyst for iSeeCars, said where cities fall in that ranking depends on availability versus demand.

“You see the different types of vehicles that…

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