Car prices these days will have you pushing "Old Faithful" until the last wheel falls off.
If you've been in search of purchasing a new car lately, you might have seen the price tag that comes along with them. For the first time in modern car sales history, the average price of a new car in December 2021 rose to $47,077 in the United States, according to a report from Kelly Blue Book.
The price is a staggering increase from December 2020 when the average price of a new car was $41,335. And if that's not bad enough for a buyer, while the new-car inventory at car lots is growing, the catalog is still low compared to years past.
The high prices, high demand and low inventory can be blamed on the pandemic and the global chip shortage that has delayed the rollout of new cars, Consumer Reports says.
Another contributing factor that has new-car prices soaring is consumer taste in expensive truck and SUV models. Kelly Blue Book found that cars, on average, were more affordable than new SUVs, trucks and vans.
The average price for a new non-luxury car came in at $43,072 in December 2021. Consumer Report found the most discounted cars included the Alfa Romeo Stelvio, Ford F-150, and Jeep Grand Cherokee L.
Nick Woolard, a TrueCar analyst, told Consumer Report if you're questioning whether to buy a new car now or wait, the answer is pretty simple. If you need a new one now, get it. Woolard doesn't see a price change happening worth waiting for in the near future.
Still interested in getting a new car? Check out a list of best deals on new cars and SUVs and some of the worst deals to avoid in the automobile industry.
