High car prices mean some are waiting to purchase. Will prices …

A few recent data points show people are keeping their cars longer: Trade-in data from Edmunds shows people probably have been sitting out the market a little longer. The average age of vehicles traded in toward new-car purchases climbed to 5.6 years in the second quarter, compared with 5.2 years a year ago. Nearly … See more

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Car Shoppers Know Prices Are High; Only 16% Will Delay Purchase

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Nov 29, 2021 · Yet just 16% of those considering a new car planned to delay their purchase. That’s a significant drop from a late August survey when 48% of new car shoppers said they …

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If You Haven’t Been Car Shopping In A While, Brace Yourself - CNN

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15 hours ago · But much of the reason Americans are paying nearly $50k for a car is that automakers decided to go all-in on expensive cars. The more they charge for a car, the more …

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Here’s Why Car Prices Have Gotten So High, So Fast. And Why They’ll ...

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Jun 11, 2021 · That’s helping send prices to record levels and lifting the nation’s overall inflation rate. And the price increases aren’t over yet. The average new car price hit a record $38,255 …

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Why Car Prices Remain So Stubbornly High

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Jan 20, 2022 · The average transaction price for a new car was $46,426 in December 2021, according to Edmunds, up $5,850 — or 14% — from a year prior. That increase was primarily …

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Inflation Is High. Used Car Prices May Help Explain What's Next : …

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Jul 13, 2021 · The retail price of used cars jumped 10.5% between May and June, following a 7% jump the month before. In recent weeks, however, the buying frenzy has slowed. Inventory at …

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Sticker Shock: Why Used-Car Prices Are So High : NPR

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Oct 28, 2020 · According to Cox Automotive, as of September, wholesale used-vehicle values were up 15% compared with last year. And listings on CarGurus are now averaging $22,470, …

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FAQs about High car prices mean some are waiting to purchase. Will prices … Coupon?

What does high car prices mean?

High car prices mean some are waiting to purchase. Will prices drop? Is now the time to buy a car? High sticker prices, interest rates have many holding off New and used car prices appear to be leveling off, but it may not be enough for some consumers to jump back into the car market. ...

Will higher car prices delay a car purchase?

About two-fifths said they will delay a vehicle purchase in the year ahead if prices stay high. “When you combine increased car prices with increased inflation and higher interest rates, that makes the overall affordability more challenging,” said Tim Wennes, CEO of Santander US. Despite some hesitancy among consumers, car sales are recovering. ...

Are new car prices still high?

After four years of tumult, the car market is finally starting to resemble normalcy – at least in terms of seasonal price fluctuations and dealership lot inventory. Yet, as any car shopper knows, new car prices remain high. Over the past five years, new car prices have surged by 27%, and remain just shy of the record highs we saw in late 2022. ...

How much did new cars cost in May?

And the price increases aren’t over yet. The average new car price hit a record $38,255 in May, according to JD Power, up 12% from the same period a year ago. About two-thirds of car buyers paid within 5% of the sticker price in May, with some even paying above sticker. ...

Why are car prices so high?

Car companies have been increasing prices by more than their input costs have climbed, leading to big profits on new vehicles. “The experience of higher prices, and the ability to move prices, does broaden the perspectives of business people in terms of what their options are,” he said. “It’s attractive if you can do it.” ...

Why are car dealer lots so expensive?

Car dealer lots have only a fraction of the vehicles — both new and used — that they typically have. That’s helping send prices to record levels and lifting the nation’s overall inflation rate. And the price increases aren’t over yet. ...