{"id":102219,"date":"2023-05-14T16:51:29","date_gmt":"2023-05-14T20:51:29","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=102219"},"modified":"2023-05-16T15:50:44","modified_gmt":"2023-05-16T19:50:44","slug":"why-are-cars-so-expensive-right-now","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/why-are-cars-so-expensive-right-now\/","title":{"rendered":"Why Are Cars So Expensive Right Now? Examining the Issues"},"content":{"rendered":"\n<p>Why are cars so expensive right now? Will prices come down any time soon?<\/p>\n\n\n\n<p>It\u2019s been a rough ride for Americans looking to buy a car in 2023. The average new vehicle carries a monthly payment of $730, and the average used car rings in at $26,000. Auto insurance rates and repair costs have also been rising.<\/p>\n\n\n\n<p>Read on to learn why cars are so expensive right now and if prices will come down any time soon.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What&#8217;s Behind Skyrocketing Car Prices?<\/h2>\n\n\n\n<p>Why are cars so expensive right now? <strong>The average new vehicle carries a monthly payment of <\/strong><a href=\"https:\/\/www.washingtonpost.com\/business\/2023\/04\/05\/car-loan-rates-payments\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>$730<\/strong><\/a><strong>, and nearly 17% of people (one in six) are paying $1,000 or more.<\/strong> Those hoping for better luck buying a used car saw prices jump <a href=\"https:\/\/www.nbcnews.com\/politics\/economics\/cost-owning-car-keeps-rising-rcna78377?ac_cid=DM786813&amp;ac_bid=-1651915809\" target=\"_blank\" rel=\"noreferrer noopener\">more than 4%<\/a> in February\u2014the largest increase since 2009. <strong>The average secondhand car now<\/strong> <strong>rings in at $26,000.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-cars-are-so-expensive-right-now\">Why Cars Are So Expensive Right Now<\/h3>\n\n\n\n<p>Let&#8217;s delve into why cars are so expensive right now\u2014experts attribute soaring car costs to a host of factors, including:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/auto-loan-interest-rate-march-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>1. Rising interest rates<\/strong><\/a>. To combat inflation, the Federal Reserve raised its benchmark interest rate from close to zero at the start of 2022 to between 4.75% and 5% in March. As a result, last month:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>New car interest rates hit 8.95%\u2014up from 5.66% a year earlier<\/strong>.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Used car interest rates jumped to 11.3%, up from 7.7%<\/strong>.<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.nbcnews.com\/politics\/economics\/cost-owning-car-keeps-rising-rcna78377?ac_cid=DM786813&amp;ac_bid=-1651915809\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>2. Rising auto insurance costs<\/strong><\/a>. Car insurance rates increased 14% in 2022, sticking drivers with an average annual bill of <a href=\"https:\/\/www.bankrate.com\/insurance\/car\/the-true-cost-of-auto-insurance-in-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">$2,000<\/a>. Experts tie the hikes to:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.nbcnews.com\/politics\/economics\/cost-owning-car-keeps-rising-rcna78377?ac_cid=DM786813&amp;ac_bid=-1651915809\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Higher auto repairs bills<\/strong><\/a> stemming from pandemic-related parts and labor shortages.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Increased costs to replace vehicles <\/strong>due to soaring used car prices.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Dangerous post-pandemic driving<\/strong>, which led to more <a href=\"https:\/\/www.charlotteobserver.com\/money\/why-auto-insurance-prices-higher\/?xid=mcclatchy&amp;utm_source=mcclatchy&amp;utm_medium=rss_synd&amp;utm_content=tms_issue28&amp;ac_cid=DM786813&amp;ac_bid=-1651915809\" target=\"_blank\" rel=\"noreferrer noopener\">auto-related fatalities<\/a> and prompted insurers to pass along claims costs to customers.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Drivers with poor credit pay twice as much for car insurance <\/strong>as those with high scores, which can mean a difference of thousands of dollars a year.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/auto-loan-interest-rate-march-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>3. The banking crisis<\/strong><\/a>. In the wake of the <a href=\"https:\/\/shortform.com\/app\/article\/after-svb-do-banks-need-more-regulation-or-less-shortform-all-sides-shortform\" target=\"_blank\" rel=\"noreferrer noopener\">Silicon Valley Bank collapse<\/a>, lenders are being more careful about who they grant loans to, making qualifying for a car loan more challenging than ever.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-impact-of-higher-car-costs\">The Impact of Higher Car Costs<\/h3>\n\n\n\n<p>Now that we understand why cars are so expensive right now, let&#8217;s take a look at the impact of these soaring car costs. Experts say that steep vehicle-related costs have had painful implications for Americans, the auto industry, and the economy:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.cbsnews.com\/news\/auto-loan-interest-rate-march-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Auto loan debt is skyrocketing<\/strong><\/a>. Americans owed $1.5 trillion in auto loans last December\u2014up from $1.46 trillion a year earlier.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Younger borrowers (ages 20 to 40) are struggling to make car payments<\/strong>, falling 90 days or more behind.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Some Americans, unable to afford to buy cars, are <a href=\"https:\/\/www.nbcnews.com\/politics\/economics\/cost-owning-car-keeps-rising-rcna78377?ac_cid=DM786813&amp;ac_bid=-1651915809\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>spending hundreds of dollars a week in rideshares<\/strong><\/a> <strong>to get to and from their jobs and to buy groceries<\/strong>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Current car woes have <a href=\"https:\/\/www.cbsnews.com\/news\/auto-loan-interest-rate-march-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>dealt a second blow to the auto industry<\/strong><\/a>, which is still recuperating from a <a href=\"https:\/\/apnews.com\/article\/prices-vehicle-sales-2371370d81e50f7521fe4cbec73e720d\" target=\"_blank\" rel=\"noreferrer noopener\">sales-busting<\/a>, semiconductor <a href=\"https:\/\/shortform.com\/app\/article\/can-the-us-bring-semiconductors-under-its-control-shortform-explainers-shortform\" target=\"_blank\" rel=\"noreferrer noopener\">chip shortage<\/a>.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>The car squeeze <\/strong><a href=\"https:\/\/www.nbcnews.com\/politics\/economics\/cost-owning-car-keeps-rising-rcna78377?ac_cid=DM786813&amp;ac_bid=-1651915809\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>could hurt the broader economy<\/strong><\/a> since many Americans require a vehicle to find and hold onto jobs.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-looking-ahead\">Looking Ahead<\/h3>\n\n\n\n<p>Experts are hopeful that<strong> relief is on the way for those suffering the pain of skyrocketing vehicle costs<\/strong>. Despite cars being so expensive right now, if you&#8217;re looking to buy, experts offer the following tips:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Hold off for now<\/strong>. The longer you stay off dealerships\u2019 lots, the more discounts they\u2019ll offer to get you to come back.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.washingtonpost.com\/business\/2023\/04\/05\/car-loan-rates-payments\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Comparison shop for financing<\/strong><\/a>. Know what your bank or credit union offers <em>before<\/em> you go to a dealer or accept their offer\u2014<strong>particularly if you\u2019re a person of color, since some dealerships apply auto loan markups in discriminatory ways<\/strong>.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Buy a less expensive vehicle<\/strong>. It\u2019s getting more difficult to negotiate car prices because supply is catching up with demand. So, keep your search broad and don\u2019t let the \u201cperfect\u201d car be the enemy of the \u201cgood enough\u201d vehicle.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Bolster your credit score to help with financing<\/strong>. One way to do this: Wait a little longer to buy a car and target any extra money you have to pay your credit card bills on time and pay down your debt.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Why are cars so expensive right now? Will prices come down any time soon? It\u2019s been a rough ride for Americans looking to buy a car in 2023. The average new vehicle carries a monthly payment of $730, and the average used car rings in at $26,000. Auto insurance rates and repair costs have also been rising. Read on to learn why cars are so expensive right now and if prices will come down any time soon.<\/p>\n","protected":false},"author":19,"featured_media":102225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,31,24],"tags":[727],"class_list":["post-102219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-money","category-society","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Are Cars So Expensive Right Now? Examining the Issues - Shortform Books<\/title>\n<meta name=\"description\" content=\"Why are cars so expensive right now? 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