New car prices hit record high
In this Sunday, July 25, 2021, photograph, a shopper peruses a handful of 2021 models on display at a Mercedes Benz dealership in Littleton, Colo. (AP Photo/David Zalubowski)
Car prices are at a record high.
According to Kelley Blue Book, the average price for a new vehicle hit nearly $43,000 in July.
That is an 8% increase from July 2020.
Industry experts say a limited supply of new vehicles and a trend toward higher-end SUVs and pickup trucks are partly to blame for the price increases.
The high prices may be discouraging customers.
New car sales slowed in July. It was the slowest month of seasonally-adjusted sales in a year.
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