New Vehicle Prices Have Record August

Role Play Opportunity — “Hello, my name is Mr. Customer, and I want to know why the car I want costs so many dollars?”
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New Vehicle Prices Have Record August

New car prices are on track to reach record heights this month despite ever-increasing interest rates and inflation. Strong demand continues to push prices, reaching an average of $46,259, an 11.5% year-over-year increase. Unfortunately, inventory has not yet returned to adequate levels to meet consumer demand. 

A rising tide. In addition to the undeterred desire for new vehicles, the used car market is also performing exceptionally well. Through July 2022, used prices were 31.1% higher than in 2021. A slight price decline in July kept prices close to the high water mark of December 2021.

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