The Price of Progress: When Cars Become Unaffordable The average new car price has hit nearly $50,000, according to Kelly Blue Book figures. This is up 3. 5% from last year and 30% higher than in 2019.
Rising costs of living are taking a toll on household budgets, with Americans facing increased borrowing costs and record breaking gas prices.
The economic trend is clear: inflation is at its highest level in almost three years, squeezing households from all sides.