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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Demand Ups Used Car Prices In US, UK, Germany

It may be time to retire the used car salesman jokes, at least for a while.

Sales of used cars are strong across the United States and Europe, the Financial Times (FT) reported. Factors driving the increase include a chip shortage that has limited supplies of new cars and reluctance among virus-weary commuters to crowd onto public transportation.

As a result, according to FT, the usual economics of buying cars — vehicles shed value from the moment new owners leave dealers’ lots — have been flipped upside down.

Cap Hpi has tracked prices of used cars on a “live” basis since 2012, FT reported. Before 2021, according to the data firm, the biggest monthly increase in average prices was 1 percent in 2018; this May, they rose 6.7 percent.

“Normally cars depreciate, they don’t go up in

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Reviews, Prices, Pictures And Movies

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High prices, few discounts and low inventory await car shoppers

Daniel Acker | Bloomberg | Getty Images

Car shoppers hoping to cash in on Memorial Day weekend sales events may want to rein in their expectations.

On top of reduced inventory due to a shortage of microchips — key parts needed for today’s autos to operate — and unrelenting consumer demand pushing prices higher, there are fewer incentives being offered by manufacturers and dealers.

The average incentive is $2,957, down from $4,825 in May 2020 and $3,878 in May 2019, according to a new forecast from J.D. Power and LMC Automotive.

“People will be in for a bit of a surprise,” said Ivan Drury, senior manager of insights at Edmunds.com. “There will be little to no negotiation on price.

“We’re seeing more people pay sticker price or above.”

At the start of the pandemic more than a year ago, when dealerships and manufacturing plants were shut down, chipmakers pivoted to

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