As Auto Industry Recovers, Car Prices Out of Reach for ManyAs Auto Industry Recovers, Car Prices Out of Reach for Many
Vehicles for sale are on display at a Toyota dealership in Houston on Jan. 4, 2022. Brandon Bell/Getty Images
Vehicles for sale are on display at a Toyota dealership in Houston on Jan. 4, 2022. Brandon Bell/Getty Images

As Auto Industry Recovers, Car Prices Out of Reach for Many

The price of new cars rose by more than 40 percent between January 2021 and May 2024. Used car prices increased by 52 percent.
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For most Americans, affording a car is far more difficult now than it was before the COVID-19 pandemic, and it’s not getting much easier.

The U.S. automotive market is returning to normalcy after years of supply chain issues, depressed demand for new cars, and low vehicle inventories.

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