Sticker shock: Average new car prices hit a record $41,000 in July
Fox News
A J.D. Power study estimates that the average transaction price for new cars hit a record $41,014 during July. Low inventories and high demand have combined to reduce available incentives.
High demand is meeting low inventories caused by the ongoing semiconductor shortage hampering production across the industry, which has led to a drop in incentives and more cars selling at or even above list price. Cars are turning off dealer lots more than twice as quickly as they were in 2019, before the coronavirus pandemic began to cause issues for the industry and used car prices have seen a similar jump.More Related News