American car buyers paid 3.4 percent more for new vehicles last month compared with last year, partly because buyers are choosing more high-end vehicles, Kelley Blue Book revealed in a report March 11.
“That’s a more significant increase than we’re used to seeing,” Sean Tucker at Kelley Blue Book said.
Over the past three years, the price of new cars has climbed nearly 1 percent on average every month, the auto industry research company reported.
The higher average price—hitting $51,440 for a new car in February—was attributed to a combination of high tariffs, manufacturers canceling inexpensive models, and U.S. buyers choosing more luxurious cars, Kelley Blue Book concluded….