What to know

• Prices for new cars have spiked as shortages of semiconductor chips and other parts slow production

• The low numbers and high prices of new cars has pushed up prices in the used car market

• Stockton auto broker: unless you need a car ASAP, "you might as well wait"

If you've shopped for a car recently, you may have been frustrated to find limited choices — and high prices — at dealerships.

The problem isn't just happening in Stockton. Across the country, a combination of advancing car technology, COVID-19 shutdowns and supply chain issues has limited the supply of vehicles available to buy.

What happened?

As vehicle technology becomes more advanced, cars require more and more computer chips, known as semiconductor chips, to function.

But when the pandemic hit, demand for personal electronics like laptops and consoles that also require semiconductor chips rose, leaving auto makers without enough chips to keep up vehicle production.

Why could you soon pay more for a used car? Computer chip shortages

Plant closures aimed at limiting the spread of COVID-19 and supply chain problems also pinched production.

Fewer choices, higher prices

For average consumers, the result has been fewer choices and higher prices, Bob Peralta, an auto broker based in Stockton, said.

Before the shortage, consumers were often used to getting discounts or financing that could help them get a better price than what the manufacturer recommended, Peralta said.

But now, consumers often can’t even find the model they want, he said.

And “when it is available, they’re going to pay substantially more versus what they would pay if this was a normal market.”

Check out: Supply chain issues are slowing deliveries, but the real problem is all your shopping

The low supply of vehicles may be hurting some dealers, too, Peralta said. “If you can’t get enough vehicles to cover your overhead, what are you going to do?”

“Even though a dealer may ask (for more than the) sticker price, and sell a vehicle over sticker price … doesn’t mean they’re making money hand over fist.”

Buying or selling? What to do

If you're considering buying a car, it may be best to wait, Peralta said.

“Unless you’re in a situation where your car has been totaled, it’s broken, you have to get a vehicle, unless you’re in that predicament ... you might as well just wait.”

If you really want a car but don’t strictly need it, try to remember that the market could change, he said.

“As a consumer, how are you going to feel a year from now, or whenever this situation is over, knowing you substantially overpaid for a vehicle?”

If you’re considering selling your car, you may have an opportunity to get more for it than you could in the past — or will be able to in the future.

If you bought your car before the pandemic, you might even be able to sell it for more than you owe, according to USA Today.

Maximize the value of your used car, truck, or SUV: Tips on selling used vehicles

“Your car right now is worth more than you think,” Michael Chapman, chief marketing officer of the used vehicle seller CarLotz, told USA Today.

There are many options for selling your vehicle, including selling it to a dealer, consignment, and private sales.

You can use the Kelley’s Blue Book and Consumer Reports websites to get a rough estimate of what your car is worth.

Do your research to pinpoint what your car is worth and which method will get you the best deal.

Rental car shortage isn't over: Why summer travel is expected to drive demand

Record reporter Aaron Leathley covers business, housing, and land use. She can be reached at aleathley@recordnet.com or on Twitter @LeathleyAaron. Support local news, subscribe to The Stockton Record at recordnet.com/subscribenow.

This article originally appeared on The Record: Low stock, high prices: Why it's so tough to buy a car in Stockton