Americans pay record high prices for new cars
A sign advertises buying cars at a used car store in Arlington, Virginia on February 15, 2022.
Saul Loeb | AFP | Getty Images
DETROIT. If investors are looking for signs of a recession or lower consumer spending, they may be missing out on new car prices that hit a new record in June.
Driven by unsatisfied consumer demand, low vehicle inventories and rising luxury car sales, Cox Automotive informed This week, the average new car deal price last month was $48,083, up 1.9% from May and higher than the previous record of $47,202 set in December.
According to the Bureau of Labor Statistics, the median selling price was part of a broader increase in consumer spending in June. The consumer price index, which measures everyday goods and services, rose 9.1% year-over-year, beating the Dow Jones estimate of 8.8%.
Much of the increase in inflation was driven by gasoline prices, which rose 11.2% on the month and just under 60% over the 12-month period. According to the BLS, the prices of new and used cars increased monthly by 0.7% and 1.6%, respectively.
Cox said June continued this year’s streak of consumers paying more than MSRP, or “sticker price,” according to Cox. The automotive research firm said new vehicles from Honda Motor, Kia and Mercedes-Benz sell for 6.5% to 8.7% more than MSRP on average.
– Geoff Cox contributed to this report.
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