Blog Detail

Semiconductor shortage - what’s happening, and why should you buy a used car?

  • 16 Aug, 2022
Semiconductor shortage - what’s happening, and why should you buy a used car?

Around the world, many industries are still being heavily affected by the Covid-19 pandemic, one of those being the automotive manufacturing industry. The global semiconductor shortage is heavily impacting new vehicle production, but we think the best solution is to buy a used car.

Since all nations and several businesses rely on Taiwan for cutting-edge semiconductor equipment, semiconductor shortages have evolved into a serious technological weakness. Potentially even a national security danger for major economies such as the United States, China, and Europe.

The global move to clean energy is getting slowed down by the persistent chip supply chain bottleneck. However, circular economy solutions could aid in lowering systemic risks and tackling these many difficulties.

Not only have the shortages drawn attention to the procedures and difficulties involved in manufacturing microchips, but also to the geopolitical concentration of manufacturing by a few businesses.

Nearly 90% of the market for sophisticated microchips will be accounted for by Taiwan Semiconductor Manufacturing Company, which was the largest semiconductor contract maker in the world in 2020.

The challenges in guaranteeing consistent supply and producing semiconductors may become considerably more expensive, technological, and therefore extremely challenging.

In 2021, the shortage of semiconductor chips had negative effects on the automotive industry that were made worse by the pandemic.

Many manufacturers say supply problems will continue to have an impact on the sector long into this year and that they are still estimating that they will be under pressure well into 2023.

Numerous manufacturers are currently in crisis mode, and few people anticipate an immediate resolution. Chipmakers and auto-manufacturers will need to cooperate to address the imbalance in demand.

buy a used car

Why should you buy a used car?

Here's why buying a used car is the finest option to acquire a vehicle quickly and is a fantastic approach to aid the situation!

According to research, buying a used car that is between three to five years old is preferable since they are still in excellent shape and, despite being used, will last you a very long time.

We often find that customers who are looking to buy a used car, prefer this age as they have depreciated enough to be a reasonable price, whilst also still being in great condition.

It is considerably better for the environment and the economy to purchase used cars. After all, preloved items are currently very much in trend.

Let's look at some additional benefits of buying used cars rather than new ones.

There's no waiting list when you purchase a used car! The pre-owned vehicle of your dreams is at the touch of a button, so there's no need to wait around for a brand-new vehicle.

A used vehicle can be your best choice if you want customised vehicles. With used cars, you can install your own add-ons for less money than you would on a brand-new vehicle and avoid paying inflated dealer rates for them.

buy a used car with cryptocurrency

Pre-owned vehicles typically cost more than other used vehicles. But these vehicles have undergone a careful inspection and any necessary TLC.

The most expensive parts of a car's drivetrain are now covered by warranties for 200,000 miles in some models.

You will likely receive a warranty that goes beyond the original manufacturer's guarantee if you purchase a certified pre-owned vehicle from a dealer.

While a dealer could insist that you have full insurance coverage for a brand-new car you're financing, buying a used car outright could save you money on insurance.

Contact AutoCoinCars if you're interested in purchasing a used car! We have over 40,000 used vehicles available and partner with over 800 dealers, so you have plenty of options.

It's also great that you can use cryptocurrency to get the car of your dreams! Look through our range of used cars for sale and contact us to buy a used car with cryptocurrency.

Find Your Next Car