And the price increases aren’t over yet.
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. That’s also a significant jump for this time of year, and the higher wholesale prices are pointing to bigger increases on the way.