The US Car Market Faces Its Worst Times in Decades, CNN Reports

CNN stated that in the past it was not as difficult to buy a car in the United States as it is today, despite improved supply and inflation concerns, as this is the worst time to buy a car in decades.

And the US network said that according to the latest data released by the Bureau of Labor Statistics, car prices have risen “higher and faster since 2020 than at any time in 35 years.”

Price indices for new and used cars are much higher than they were four years ago in 2019, and new and used car prices have not risen as much or as fast in decades, and the used car market is generally considered more volatile than market. new car market.

However, data from the Census Bureau shows that used car inflation has slowed significantly since December 2022 and increased in the months before. But used cars still have a long way to go before they hit 2019 sales prices, and new car prices haven’t come down yet.”

The average new car price has jumped about $12,000 over the past five years, and the average used car price is still about $9,000 higher than it was in February 2018.

The average price of a new car is now around $48,000. Just five years ago, the average cost of a new car was just $36,000. Car buyers haven’t seen such spikes since the 1970s and 1980s.

Prices began to rise in 2020 as a result of many reasons, including the shutdown of factories due to the Corona epidemic, as well as problems in supply chains and digital processors needed in the automotive industry, in addition to high shipping and material costs, and rising oil prices.

Source: CNN