New car prices soared to $47,612 in October, up $10,000 since 2019.

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The average price for a new car in October 2024 soared to $47,612, a staggering $10,000 jump from October 2019’s $37,000, according to Edmunds. This price surge far outpaces inflation for most other goods and services, leaving Americans grappling with affordability.

Supply chain disruptions, inflation, and increased demand have been driving factors behind the skyrocketing prices. Despite easing pandemic-related pressures, automakers continue prioritizing high-margin models over affordability, widening the gap between new and used car prices.

For consumers, the dream of owning a new car feels increasingly out of reach.

Americans paid a $47,612 on average for a new car in October, according to data from Edmunds.

That’s a jump of almost $10,000 from October 2019, ahead of the pandemic.

That means new car prices have risen much faster than most goods and services.

— unusual_whales (@unusual_whales) November 26, 2024