![]() The average price for a new vehicle in the US has jumped to almost $50,000, up 30% since 2019, according to JPMorgan. But it crossed that mark in November 2019 and has been soaring ever since. ![]() That’s about as much as the typical American household can shell out and still meet other major expenses, said Jonathan Smoke, chief economist at Cox. Even as the chip crunch shows signs of easing, they’re pledging to keep production in check.įor a decade, the average new-car payment in the US bumped along at roughly $400 a month. ![]() and their overseas rivals are notching big profits. Three years after the pandemic triggered a global shortage of semiconductor chips and crippled car manufacturing, Ford Motor Co., General Motors Co. MORE ON INFLATION: A dozen eggs now costs more than 1 pound of ground beefĪt the root of the problem is automakers’ new mantra: Keep inventory lean and price tags fat. Used-car prices soared in Japan last year, and in China, a rapid push to electric vehicles means consumers will have to pay more in some cities. In Europe, prices are flirting with records. The sticker shock extends well beyond the US, where inflation is a thorny political issue for President Joe Biden as the 2024 election looms. That’s almost a sixth of the median after-tax income for US households. Even used models have climbed to $544 a month on average. ![]() The average monthly payment for a new car has soared to a record $777, nearly doubling from late 2019, according to Kelley Blue Book owner Cox Automotive. But for the typical American family, it’s now a distant dream. By David Welch and Keith Naughton | BloombergĪ shiny new car in the driveway has been an emblem of middle-class prosperity for generations. ![]()
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