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Car prices are at an all time high, and consumers are feeling the pinch. According to Kelley Blue Book, in June 2021, the average transaction price for a brand new car was over $42,000. Used car prices also reached a record high average of over $25,000 in June 2021, paired with an average of 68,000 miles on the vehicle, according to Cox Automotive.
So what’s causing skyrocketing prices? A perfect storm of multiple factors, including a semiconductor (chip) shortage, inability from car manufacturers to meet demand, low interest rates from lenders along with high credit scores and extra savings from consumers. This has sent Americans running to car dealerships, and the once negotiable