Sully discusses the high price of buying a new car
SAN DIEGO (KUSI) – Car dealer lots have only a fraction of the vehicles — both new and used — that they typically have. That’s helping send prices to record levels and lifting the nation’s overall inflation rate, according to Sully.
The average new car price hit a record $38,255 in May, according to JD Power, up 12% from the same period a year ago.
About two-thirds of car buyers paid within 5% of the sticker price in May, with some even paying above sticker.
Wholesale prices for used cars sold at auction are up 39% since the start of this year, according to other data from JD Power.
Retail used car prices are up a more modest 20% in the same period. Sully says that puts wholesale used prices at the highest level they’ve ever been.