When will new car prices drop? Not anytime soon

Hannah Elliott
Bloomberg

Last year’s record-high car prices won’t be dropping soon.   

In December, the average price of a new vehicle in the U.S. hit $47,077, up 14% ($5,742), compared to 2020, and up 1.7% ($808) from the previous month, according to Kelley Blue Book. The rise came as U.S. inflation ended 2021 at sizzling levels levels — a 39-year high of 7% — with gasoline topping the charts with a 49.6% price increase from the prior year.

Already a subscriber? Sign In

Subscribe to keep reading

Get unlimited digital access for only $1 for 3 months
Subscribe Now