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.
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.
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.
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.