If you've been waiting to buy, now could be the time. Due to supply chain issues, silicon chip shortages and demand, new cars were among the categories hardest hit by inflation in 2023. See: Biden's.
In a surprising turn of events, the auto market is finally offering relief to consumers after a year of supply shortages and soaring new car prices. In the past six months, average new vehicle prices.
Over inflation. some americans are still struggling to pay for necessities, and now it s getting harder to afford a car. lydia joins us to break this down. what s behind the increased cost here? a big factor, interest rates. they are adding thousands of dollars, the average interest rate on a loan for a new car hit 7.2% last month, according to edmunds. the average transaction price for a new car is now more than $48,000, according to kelly blue book. the average down payment, nearly 6800. that leaves about 41,500 to be financed at 7.2%. after 72 months, total interest paid would be higher than $9,700. total cost for that car then, higher than $58,000. buying that same car at the same price with the same down payment back in february of 2022 just