Add Higher Interest Rates, On Top Of Record-High Prices For New Cars And Trucks
https://appliances.topnewshq.com/prepare-to-haggle-amid-wide-pricing-variations-at-appliance-dealers-in-twin-cities-star-tribune/ There's plenty of wide-open space at this secondary lot outside a California dealership. The ... [+] computer chip shortage continues to drive low inventory and high prices. There’s still no break in sight for high new-car prices, which are on pace to set another record in May, with interest rates also on the increase, according to a joint forecast from J.D. Power and LMC Automotive. The average new-vehicle transaction price is expected to reach a record for the month of May of $44,832, the May 25 forecast said. That’s a staggering increase of $6,577, or about 16%, vs. the estimate for May 2021. What’s driving record-high prices is the ongoing computer chip shortage, which is limiting new-vehicle production. Forecasters for J.D. Power and LMC Automotive expect new-vehicle sales of about 1.2 million cars and trucks in May, down 18% vs. May 2021, based on