It has never been more expensive to buy a new car than right now, according to the latest sales forecast from J.D. Power and LMC Automotive. The average transaction price of new cars sold in July 2021 reached a record of $41,044. That beat the previous high of $39,942 set the month before.
A rare confluence of factors continues to drive up new and used car prices due to strong demand and constrained supply.
Dealers currently have 30%, or 932,000 vehicles for sale now versus July 2019, when there were 3.1 million new cars for sale. When new cars roll into lots, they now roll right out within a month; last year at this time, new cars sat on dealer lots for 75 days on average before being purchased. That turnaround is another record.
Read the article at The Car Connection.