Americans needed to work five weeks more on average to afford a used car in 2021!

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New York(CNN Business)Wages are not keeping up with inflation. The price of cars has grown significantly faster than earnings, a new analysis by the Anderson Economic Group found.

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The price of new and used cars increased by 11.8% and 37.3% respectively in December 2021 from December 2020, while wages increased by 4.9% in that same period. Supply chain slowdowns, factory closings, and computer chip shortages coupled with demand sent car prices higher.

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