US new car prices hit $47,612 average in October, a nearly $10,000 jump from pre-pandemic levels.

Car prices in the US have surged, with the average new car now costing $47,612 in October, up nearly $10,000 from pre-pandemic levels. Factors driving the increase include pandemic-related supply chain disruptions, a shift towards larger vehicles, and automakers focusing on more expensive models like SUVs. Lowering interest rates could potentially push prices even higher, possibly reaching $50,000.

November 16, 2024
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