Americans are driving trillions of miles per year, and it is costing them more than ever before.
Over the past few years, price inflation has been prevalent in every aspect of the economy, from eggs to electricity. Vehicles have not been immune to the post-pandemic inflationary pressures.
Cox Automotive’s monthly Kelley Blue Book report indicates that the average new-vehicle transaction price is approximately $49,000, representing a 30 percent increase from pre-pandemic levels.
The higher costs of new cars—and economic uncertainty amid ever-changing trade developments—are beginning to weigh on demand.
New figures suggest that U.S. auto sales volume in June reached 1.27 million units, a milder pace compared to previous months, says Chris Hopson, principal analyst at S&P Global Mobility….