August 10, 2022 – Does anyone else remember when $50,000 could get you a pretty luxurious new car? According to Kelley Blue Book, those days are long over: In July, the average new car sold in the U.S. cost $48,182 here in America, beating out the previous record, which was only set in June.
In its report revealing the new all-time record, KBB makes a pretty interesting argument: Buyers are currently more annoyed by a lack of available inventory than they are by high prices. The COVID-19 pandemic saw a squeeze on the supply chain and increased demand for affordable vehicles.
There is one bit of good news, though: asking prices for electric vehicles dropped 2.3 percent in July compared to a year ago! Just ignore the fact that the average asking price of an EV ($66,000) is still well above the industry average.