Why Are Cars Suddenly So Expensive?

Patrick Boyle On Finance

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11M ago 17:05

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Over the last three years we have seen the biggest car price increases in history. Last year the average cost of a new car in the United States was forty-seven thousand dollars and the average used car price today is just under thirty thousand dollars.
Car buyers today aren’t just faced with higher car prices, the average interest rate on a new car or truck loan has reached just under nine per cent and car insurance costs are rocketing too. What is going on?
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