August 12, 2021—Prices for car parts won't be getting any cheaper for the time being.
After already seeing around a 5 percent increase through the first half of the year, auto parts could jump another 5 percent by the end of the year, according to CarParts CEO Lev Peker per a Yahoo! Finance report. Higher costs for shipping and labor, and an all-around overloaded supply chain, are contributing to the price increases.
"Everything is back-ordered. Everything takes weeks or months. It's a very tight supply chain right now." Peker said in an interview with FOX Business. "Is it going to go for six months, nine months, 12 months? That I'm not sure about."
Due to infrequent nature of purchases for car parts, the industry has generally been able to raise prices when necessary without significant blowback. The parts industry is just one of many currently facing significant shortages caused by coronavirus-impacted supply chains.
