Some U.S. car shoppers are paying $5,000 over a vehicle’s retail price

Many U.S. consumers are willing to pay $5,000 more than the sticker price of a new vehicle, as a global semiconductor chip shortage has led to a supply crunch at a time when demand for cars is soaring, a poll by research firm Cox Automotive found.

The chip shortage has forced car manufacturers to idle factories and cut production, which has created a scarcity for new vehicles in the market, sending prices of both new and used vehicles surging.

“More than 40% of car shoppers are willing to pay above manufacturer suggested retail price right now, and those willing to pay over MSRP are willing to accept a 12% premium,” Cox Automotive said on Wednesday.

While vehicle inventory is tight, access to auto loans has become more available for shoppers, further boosting demand, the research firm said.