I've been given an offer from the local Subaru dealer for my 19 Crosstrek premium with no options. Talking with them, they gave me a range of $22,950 to $25,950 depending on condition. I paid $22k even for it new 2 years ago.
The shortages are more than just chips. As explained on a work call (I work for one of those semi companies), our VP explained that other industries shifted gears. Plastics houses needed business, so instead of making car door panels and buttons and center consoles, they quickly re-tooled and started producing blister packs and other retail packaging. Now, the car companies are again trying to start up and the plastics houses are saying "why would we switch back? We make better margin on these replacement business products". Auto companies are famously good negotiators, demanding quarterly price reductions. LOTS of industries are using this with the new business they have found and giving the car companies a big F U to their low margin, high stress business.
I know that Ford Broncos are stacked up for both chips and problems with removable roofs. Porsches are waiting for a stupid dome light. And yes, they hold up an entire car delivery over one part. I'm sure you've all heard that options listed on the sale sheet are no longer available because, you know, when you need 114 microprocessors in a car and the cross traffic warning and lane keep need 4.....they can apply those 4 to get more cars out the door.
Also, Renesas had a fab fire. Renesas is a Japanese IC producer. The damage has been repaired but of course, they need to start from scratch on products, so expect this to affect Japanese cars largely.
As with the tsunami in Japan in 2011, where lots of car manufacturers were under water, car prices rose including used. I'm particularly in tune with Subaru and owners started attaching much higher values to their cars, thinking that the car was somehow special. It wasn't special, it became harder to come by because new car manufacturing stopped for months. The effect lasted for a decade and still is in place. I don't think you're going to all of a sudden see prices drop. Say that chips and everything else comes into good supply. Ok...some companies like Ford and Porsche have cars stacked up, but a lot of factories simply shut down. When they start up, they are not going to have months of inventory waiting to bolt in the ECU and away they go. I really think we've stepped up pricing and it's not going down....possibly ever.
So if you have an offer like I do (and I have an extra car I could use if I sold my Crosstrek), you need to think about the future. Will you need to buy a replacement car in a couple years? If you would, and you have a car in good repair, I'd keep it.