For the last several years, car prices have been on the decline across the country. Thanks to an oversupply of newer cars, the prices have been decreasing over the last few years, but that could change rather quickly. 

Everyone saw the Francis Scott Key Bridge collapse in Baltimore, MD on early Tuesday morning, and if you didn’t see it, you definitely heard about it. The people aboard the cargo ship, called the DALI, alerted the authorities that the ship lost its steering and was headed towards the Francis Scott Key Bridge before the two collided, bringing the bridge into the water. 

It is absolutely devastating to the Baltimore community, and it’s hard not to empathize with the families who are grieving the horrific loss of their loved ones that may not have survived the bridge collapse. Our thoughts are with the community. 

The bridge collapse is going to affect not only the city of Baltimore, but the state of New York is going to feel some of the ripple effect. 

The Port of Baltimore is a premier gateway for the import and the export of automobiles and light trucks, according to Car Edge. Automakers, such as Nissan, Toyota, General Motors, and Volkswagen, majorly rely on this port for their operations and transport, and with the bridge collapse, there is a chance this could impact the manufacturers and their imports. 

The port handles the most auto cargo out of any other port in the United States, which is why it can lead to supply chain issues in New York and in other states along the East coast. 

If you are shopping for a car or waiting for car parts, you will see the impact over the new few weeks. Jim Kling, the Director of the Supply Chain Center at Niagara University, told WGRZ that the changes may be the most evident in prices. 

“It could end up being prices because you will see less selection on some dealer lots this spring,” Kling said. 

If you are in the market for a car, you may want to shop sooner rather than later because the impacts will be affecting the automobile industry soon. 

The port is expected to be down for several weeks, but it should be reopened sooner than the bridge will, which may take months or years.

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