Car Buyers Face Challenges Amidst Shifting Market Trends.

Car prices in the US have been climbing higher and faster since 2020 than any other point in more than 35 years, according to recent data from the Bureau of Labor Statistics. The average transaction price of a new car has jumped nearly $12,000 in the past five years, while for used cars, the average transaction price is still nearly $9,000 higher than it was in February 2018. Consumer tastes have shifted towards larger and more expensive pickup trucks and SUVs, driving up prices, and the used market is still affected by the decline in leasing trade-ins and rental car companies competing with consumers for the same limited supply of three to five-year-old vehicles.