By Jack Daleo
Here’s a crazy stat: If you wanted to buy a used car right now, there’s a good chance it would cost you more than a new model of that same car.
It sounds impossible, but that is exactly what is happening. With a shortage of semiconductors and automotive factories closing down left and right, new cars simply aren’t being produced, and that’s caused the value of cars on secondary and resale markets to skyrocket — to the point where they’re often more expensive than new cars.
But it isn’t just new cars that aren’t being produced right now. The semiconductor shortage has impacted industries far and wide, which has caused their respective secondary markets to take off because companies are unable to acquire new products or equipment. The demand in resale markets is stronger than it’s been in decades, and that’s opened up an entirely new revenue stream for brands that need to repurpose their chip-less assets.