Biden’s Economy Makes THIS Soar Now
Things are getting worse.
It now appears that new car prices have soared to a record high with new car buyers paying ABOVE sticker price as there is short supply and high demand.
According to Fox Business, the cost of new cars raised 12.9% year over year, amounting anywhere from or $5,266 to $46,036 according to Kelley Blue Book. What’s even worse is that the cost of luxury vehicles soared to 16.3% with the average price of a luxury vehicle being $61,020.
“Whether they are desperate or impatient, consumers continue to pay hundreds of dollars above the suggested price for new vehicles,” analyst for Cox Automotive Kayla Reynolds said.
“While the average transaction price jumped to a new record high, the average incentive package fell to a 20-year low,” she further explained. “It is absolutely a seller’s market right now.”
Things are just as bad used vehicles as well:
Average Used Car Price in US…
Nov 2012: $22,380
Nov 2013: $22,670 (+1.3%)
Nov 2014: $22,200 (-2%)
Nov 2015: $22,094 (-.5%)
Nov 2016: $21,647 (-2%)
Nov 2017: $21,506 (-0.7%)
Nov 2018: $21,239 (-1.2%)
Nov 2019: $21,357 (+.6%)
Nov 2020: $22,740 (+6.5%)
Nov 2021: $28,973 (+27% YoY)— Charlie Bilello (@charliebilello) November 2, 2021
