New car buyers paying record prices, taking on record loan payments

The average new car price is set to reach $46,259 by the end of August, eclipsing last month’s record and the one before that, according to the latest sales forecast from J.D. Power. New car prices breaking records has become a broken record for car shoppers in the past year. The average transaction price customers paid for a new car was $45,844 last month, up from more than $41,000 a year ago. The automotive research firm and consultancy estimates the highest new car price on record was an increase of 11.5% from last year. The usual suspects of the global microchip shortage and other supply constraints have resulted in demand still outstripping supply. Read original article here.

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