prices

Car prices are soaring, and they’re not going to stop

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.

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.

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

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Car prices are soaring, and they’re not going to stop

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.

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.

“That puts

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Used car prices began May at record highs

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Photo (c) acilo – Getty Images

There’s good news and bad news if you’re shopping for a used car. The shortage isn’t as severe as earlier in the year with inventories stabilizing in recent weeks. But used car prices began May at all-time highs.

A Cox Automotive analysis of industry data shows the average used car listing price rose to more than $22,000 for the first time ever in April, closing the month at a new high of $22,568. That compares with $21,343 at the end of March.

The average wholesale used-vehicle price — the price dealers pay — rose 4.65% in May over April’s average price. That brought the Manheim Used Vehicle Value Index (MUVVI) to 203.0, a 48.2% increase from a year ago.

Pickups in heavy demand

Compared to 2020, all major market segments saw seasonally adjusted price increases last month. Pickup trucks were in exceptionally heavy

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