Economy and macroUpdated 1h ago

U.S. new-car prices hit an October record: $51,109.

October’s average transaction price for a new vehicle in the U.S. reached $51,109, a record, after rising 2.1% from a year earlier. Bloomberg says it also climbed faster than overall inflation. Another pressure point comes with the financing: OilPrice.com reports that new-car loan rates are near their highest levels since the mid-2000s. It says the combination of prices and financing costs is putting ownership out of reach for many working-class people, even before insurance, fuel and maintenance. Bloomberg reads the pricing trend as a sign automakers remain willing to trade sales volume for profit margins. The record price, in other words, isn’t the whole bill.

2 publishers2 reports

Coverage started November 10