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ARTICLE · 30 AUGUST 2021

Average New Car Price Exceeds US$41,000, Hits Record High

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It has never been more expensive to buy a new car than right now, according to the latest sales forecast from J.D. Power and LMC Automotive.

CanadaTransport
Crowe MacKay LLP
Crowe MacKay LLP
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AVERAGE NEW CAR PRICE EXCEEDS US$41,000, HITS RECORD HIGH

It has never been more expensive to buy a new car than right now, according to the latest sales forecast from J.D. Power and LMC Automotive. The average transaction price of new cars sold in July 2021 reached a record of $41,044 (all amounts are in US dollars). That beat the previous high of $39,942 set the month before.

A rare confluence of factors continues to drive up new and used car prices due to strong demand and constrained supply. "Too few vehicles in inventory mean the sales pace in July is well below the levels seen earlier this year," Thomas King, president of the data and analytics division at J.D. Power, said in a statement. "Conversely, the lack of inventory is driving the price of the vehicles to record highs as manufacturers and retailers continue to dial back discounts."

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