Price of used vehicles soars amid chip shortages

Jul 12, 2021 | News On Japan

Jul 12, 2021 (NHK) - The price of used vehicles has soared in Japan, hitting the second-highest level in the past decade, last month.

Japan's leading auto auction house, USS, says the average closing price for used vehicles sold through the firm in June was 859,000 yen, or about 7,800 dollars.

That's up about 18 percent from the same month last year, marking the second-highest level in the past 10 years after March 2012.

Sources in the used vehicle market say the global shortage of semiconductors has affected the production of new vehicles, causing short supplies and pushing up auction prices.

Senior analyst at Tokai Tokyo Research Center, Sugiura Seiji says prices of used vehicles are expected to remain high for the time being, as it will likely take some time for the semiconductor shortage to be resolved and the production of new vehicles to return to the previous level.

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