Car shoppers may face rising prices due to the ongoing United Auto Workers (UAW) strike.
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Extended strike duration could lead to shrinking vehicle inventories on dealer lots.
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Dealers may lose manufacturer incentives, impacting their ability to cut prices.
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Panic-buying by consumers could exacerbate price increases.
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Popular and already scarce vehicles like Chevrolet Silverado, Tahoe, GMC Sierra, and Ford F-Series pickups may be most affected.
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Non-union competitors like Toyota, Honda, and Tesla might raise prices due to increased demand.
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Higher interest rates are affecting those shopping for new, used, or leased cars.
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The average new-car loan rate stands at 7.46%, contributing to higher rejections for auto loans.
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Car prices have been rising due to chip shortages, global supply chain disruptions, and strong demand.
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Labor cost increases due to the strike may further drive up car prices, impacting consumers.
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