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Car prices will stay high thanks to a chip shortage

FILE - In this Tuesday, June 15, 2010, file photo, workers at General Motors' Lordstown Assembly plant in Lordstown, Ohio put the final touches on Chevy Cobalts. Falling demand for cars is forcing General Motors to lay off more than 2,000 workers indefinitely at two assembly plants in Ohio and Michigan starting in January 2017. The company says it will indefinitely suspend the third shifts at factories in Lordstown, Ohio, near Cleveland, and in Lansing, Mich., because customers are shifting from cars to SUVs and trucks. (AP Photo/Mark Duncan, File)

The ongoing computer chip shortage will keep car prices high for the foreseeable future.

Both Ford and General Motors recently reported they were shutting down some plants for a week or two due to the shortage.

The lack of vehicle and high demand is now leading to record-high consumer prices for vehicles.

Experts now say those high prices for new and used, as well as rental cars will extend into next year and might not drop until 2023.

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