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Due to a global shortage of computer chips and factories switching manufacturing during the pandemic, car and truck sale prices are at a record high right now. That includes prices on relatively new used cars, mostly models that have been sold in the past three years.

In the past year, used vehicle prices have climbed 30 percent according to Black Book, which keeps car and truck data. High-demand vehicles are selling for more now than they did when they were brand new in car lots.

Used car price increases accounted for one-third of the rise in inflation in May, according to the U.S. Labor Department. Prices went up 10 percent in April, a record, and 7.3 percent in May, with inflation rising 5 percent. It’s the biggest 12-month increase since 2008.

According to the AP, high-priced trucks and SUVs were the largest portion of used cars experiencing high prices. Others included high-performance vehicles like the Ford F-150 Raptor pickup truck and the Mercedes G-Class AMG63 high-performance SUV.

This global shortage of computer chips — tiny transistors made of silicon — and cars is due to U.S. automakers being forced to close factories for eight weeks between April and May last year to help stop the spread of COVID-19. The problem was, demand never went down as supply did. Factories were able to return faster than expected, but computer chip makers switched to manufacturing parts for phones, laptops, gaming consoles and other consumer electronics.

That shortage of an essential part forced car companies to close factories again, leaving dealers without new vehicles. Now, demand is high in the used car market as well. Without the ability to get new vehicles, rental car companies, which normally create a lot of the supply for used cars, are holding onto their vehicles longer and buying used cars, continuing to drive up prices.

The chip shortage could cost the auto industry $110 billion, per the Detroit Free Press.

The car market isn’t the only one affected by the global computer chip shortage either. Television and appliance manufacturers are also feeling effects of the shortage.

Prices will eventually go back to normal and used cars will depreciate as computer chips production comes back to normalcy and automakers are able to resume a normal pace of production. Used car prices rose 0.75 percent last week, the lowest week-per-week gain in 17 weeks. Trucks and SUV prices grew 0.68 percent, the lowest gain in 15 weeks, according to Black Book.