President Joe Biden calls himself a “car guy,” but cars are getting more and more expensive for many Americans because of Bidenflation.
From March 2021 to March 2023, the consumer price index for new cars went up by more than 19.4%, according to statistics from the U.S. Department of Labor.
The average price of a new car in the U.S. is now $48,008, which is 18.6% more than it was in March of 2021.
Prices are 30% higher than they were in March 2020, when most of the economy was shut down because of the pandemic.
According to the most current data from the 2021 Consumer Expenditure Survey, as reported by the Washington Post, this has caused a “car-gap.”
The amount that the lowest 20% of earners spend on new cars has dropped to its lowest level in 11 years.
Since 1984, when records began, the top 20% have spent more on new cars than they ever have before.
It won’t help to look for a used car. The consumer price index shows that the price of a used car has gone up by 20.3% since March of 2021.