Five years ago, the average new car was about $36,000 ($35,794) – today the average price is almost $48,000 ($47,713) which is a 33% increase.
A couple shops for a Volkswagen ID.4 electric vehicle while assisted by a salesman at right, at a new car dealership, Monday, Feb. 6, 2023, in Manchester, N.H. On Wednesday the Commerce Department releases U.S. retail sales data for January. car shopping experts at Edmunds.
Elevated interest rates continue to drive up costs, leading some consumers to take on $1000+ monthly payments. Shirley Simmons bought a brand-new Genesis GV70 Wednesday in Jacksonville, but the car buying process didn’t come without sticker shock. New data from Edmunds backs up Simmons’ experience. Five years ago, the average new car was about $36,000 – today the average price is almost $48,000 Jack Hanania Jr., Vice President of the Hanania Auto Group, says not to expect prices to come down anytime soon. The good news is there are more new cars on the lot as supply chain issues ease up – giving buyers more negotiating power.
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