With an average U.S. new-vehicle selling price of just over $45,000 last month, many can’t afford to buy new — even though prices are down more than $2,000 from the peak in December of 2022, according to J.D. Power.
Average car price before the pandemic was about $38k. By 2023, it was $49k.
The trend has been ongoing for a long time due to general inflation and a growing preference for SUVs, but it went fucking bananas during the pandemic, and auto manufacturers have taken advantage.
Cars have been going up a long time before the last 4 years. 72 and 84 month auto loans being a thing at all is proof of that.
Average car price before the pandemic was about $38k. By 2023, it was $49k.
The trend has been ongoing for a long time due to general inflation and a growing preference for SUVs, but it went fucking bananas during the pandemic, and auto manufacturers have taken advantage.