Over the last few years, many Americans have found themselves in the unenviable position of having to purchase a new car.
WORCESTER, Mass. — It comes at a time when supply is incredibly low and prices are incredibly high. One of those people is my mom, who has learned from experience just how difficult it is to buy a new car right now.
In the last four decades, they've bought plenty of used cars together but this will be the first brand new car my mom's ever purchased. It's an experience she won't get to share with my dad."We came home from car shopping a few months ago and he wasn't thinking about that he was dying. He said, 'How much was it? How was it? Was it a good car?' And I knew I wouldn't be going forward in this new car with him and it just broke my heart," my mom said.
Turns out those chip problems we've been hearing about for two years are still very real. Supply chain shortages and backups mean many Americans have been waiting up to six months to get the car they ordered.As we learned with my mom, you can order a new car but until it's built and a VIN number is created, you can't even begin the financing process.
It's not just a lack of inventory facing American car buyers, he says. Price increases are also a big problem. Prices for new cars jumped 16% last month, according to inflation data. In May the average MSRP for a new car was $47,000.
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