Car prices now highest on record

Sydney Kalich, Nick Smith

Updated: Jul 15, 2022 / 07:43 AM CDT

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(NewsNation) — While gas prices are top of mind, it’s not just fuel that’s giving drivers sticker shock. Car prices are at an all-time high, with the days of getting a great deal far in the rearview mirror.

The average price for a new car is now averaging $48,000, according to Kelley Blue Book. It’s not just luxury car brands that are jacking up the price. Non-luxury car brands are averaging about $44,000.

The top 13 automakers have all had double-digit jumps in sale prices in the past year. In fact, Mercedes, Honda and Kia have actually had an increase of up to 9% above MSRP. This has allowed automakers to increase the prices of the cars that they actually can get on the lot.

Even used car prices are increasing. The average cost of a used car is now $28,000.