Why are new cars so expensive now? A look at the reason behind the skyrocketing prices and ballooning auto loans
Americans are paying more for their gas —but they’re paying thousands more for new cars than even a couple of years ago, according to a Grid analysis of automotive finance data and market experts. And that’s driving household debt up.
The jump — an average $13,000 more in the overall cost of a new car since 2018 — is largely driven by skyrocketing sticker prices, data shows, but changes in consumer borrowing are also adding to tnet cost of a new vehicle.