Are you looking for an exciting news update about the vehicle prices that grow faster than the average wages in the US. If yes, then this could be your perfect news destination. So, without a delay. Let’s get into it!
Vehicle inventory is limited as strong consumer demand, and parts shortages have pushed up new and used car prices. According to a recent study, new and used cars prices are rising faster than the national average wage growth.
Anderson Economic Group has presented a report on Thursday, showing a recent analysis comparing increases in the salary of the U.S. private sector with rising new and used car prices. The review depended on information from the U.S. Department of Labor Statistics.
It observed that the regular new vehicle cost last year expanded by 11.8% in December from a year earlier, as shown by Consumer Price Index information in a study average cost of a pre-owned car rose 37.3% over the same period.
According to the CEO of Anderson Economic Group, Patrick Anderson, these are the absolute most unprecedented changes in the affordability of vehicles in current history. Anderson implies customers are stunned by the high cost of cars. The industry had to pause or stop new car production throughout last year because of a global shortage of semiconductor chips used in various car parts.
Cristina Benton from Anderson Economic Group said that to pay for a typical new vehicle in December 2021, employees in the U.S. need to work three extra weeks than in December 2020, and buying a used car will be much more challenging in 2021.