'Terrible Time' to Buy a Car as Prices Surge Due to Chip Shortage

The automotive industry continues to reel as the ongoing global semiconductor chip shortage continues to cause prices to rise. Ben Preston, autos reporter for Consumer Reports, joined Cheddar to discuss the state of the car industry. "I think that right now is a terrible time to buy a new car because dealership lots are looking a bit thin," Preston said. He noted that once manufacturers had initially halted production due to the pandemic, chip companies shifted toward providing service to tech companies, leading to supply constraints as every new car built needs about 30 to 100 chips in its construction.