Average new car costs consumers 47k. AVERAGE!

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The average price Americans paid for a new car topped $47,000 for the first time in December. The average final transaction price last month was $47,077. The figure caps off a year of unprecedented price increases.

Accelerating Price Increases

During 2019, the price Americans paid for the average new car rose by $1,799.

In 2020, the price Americans paid for the average new car rose by $3,301.

Last year? In 2021, the price Americans paid for the average new car rose by $6,220.

Reduced supply and increased demand explain most of the problem.

The shortage initially was triggered by COVID shutdowns that took out almost three months of vehicle production. A worldwide microchip shortage hit in mid-2021, just as the economy started to get back on its feet after the first phase of the COVID-19 pandemic. Newly vaccinated Americans began spending again, and many sought out new cars. But manufacturers couldn’t find the microprocessors they needed to keep up with demand.

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www.kbb.com/car-news/average-new-car-price-tops-47000/

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