If you’re in the market for a new or used car, you might have to wait a while and expect to pay more due to a microchip shortage. Scott Lambert president of the Minnesota Auto Dealers Association says on average there are 12 microchips in each vehicle and they each cost only a nickel to produce:

“So it’s not a cost issue what happens now is 60-cents of hardware, manufacturers cannot complete the manufacturing process of about just every makes and model, there is no single brand that is immune from this. Everybody is affected.”

The microchip shortage is not just affecting new car sales, it’s causing the price of used cars to increase significantly.