Economy

The everyday month-to-month cost for a brand new automobile was a report $743

In response to the newest knowledge from Cox Automotive and Moody’s Analytics, typical month-to-month funds on a brand new automobile are on the rise.

The typical new automobile cost hit a report excessive of $743 in August, in accordance with the Cox Automotive/Moody’s Analytics Automobile Affordability Index launched Thursday. This determine is 1.4% larger than July’s $733.

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Kelly Blue Ebook reported earlier this week that the common worth of a brand new automobile within the U.S. rose for the fifth consecutive month, reaching a report $48,301 in August. It has elevated by 10.8% since August 2021.

Vehicles on the market at Mercedes-Benz of Louisville in Louisville, Kentucky, on Tuesday, December 7, 2021. US auto gross sales rose and inventories rose in October. computerized product (Luc Charrett/Bloomberg through Getty Pictures/Getty Pictures)

In response to Cox Automotive/Moody’s Analytics, it took a median of 42.6 weeks of revenue to purchase a brand new automobile in August, in contrast with 37.7 weeks right now final yr.

Rising rates of interest have made the common new automobile cheaper, in accordance with Cox Automotive/Moody’s Analytics.

Ford dealer

Ford F-150 pickups in Colma, California, USA, Friday, July 22, 2022. Photographer: David Paul Morris/Bloomberg through Getty Pictures (Getty Pictures)

In response to the newest client worth index knowledge launched by the U.S. Division of Labor on Tuesday, the worth of recent automobiles continued to rise each month-over-month and year-over-year.

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In August, a yr in the past, the common value of recent automobiles elevated by 10.1%, the costs of recent automobiles and new vans elevated by 10.9% and 9.8%, respectively. New automobile costs rose 0.6% from July, in accordance with unadjusted knowledge.

Used car lot

RICHMOND, CALIFORNIA – MAY 06: Used automobiles on the market are displayed on the Okay&L Auto Professional showroom on Could 06, 2022 in Richmond, California. Wholesale automobile costs proceed to fall by 1 p.c from March to April. Costs are low (Picture by Justin Sullivan/Getty Pictures/Getty Pictures)

The brand new automobile market has been hit exhausting by greater than a yr of semiconductor shortages and provide chain disruptions, leading to decrease manufacturing and better costs.

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On the identical time, the worth of used automobiles and vans is about 7.8% larger in comparison with this month of 2021. Nonetheless, they really decreased by 0.4% month-on-month.

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