New car prices have gone up 12.6% just in the last year.
With spiking interest rates alongside other factors, these are challenging times to be in the market for a new vehicle.
In California, Roland Pahud says he is currently in the market for a new car. He said he was looking for a larger vehicle.Pahud has been looking at a Jeep Wrangler with a sticker price of about $50,000. He says the total would translate into about $800 a month for payments.“This is a new record for monthly payments, and new car prices are actually nearing records,” said Matt Degen, senior editor at KBB.
According to the numbers, new car prices have gone up 12.6% in the last year, with used cars up 16.1%, food at a 10.1% increase, and gas up 48.7%.“Demand is high, supply is still low, and we’re still in the chip shortage era,” said Raed Malaeb, general manager at Russell Westbrook Chrysler Dodge Jeep Ram.”“We don’t see prices decreasing much, and even if they do, keep in mind that interest rates are rising.
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