TOPEKA (KSNT) – If you’re in the market for a new car, you might end up paying more now than ever.
Experts say new car prices are at an all time high. According to Kelley Blue Book, the average price for a new car is now more than $50,000, a 25% increase over five years. Local experts say that’s for a lot of reasons.
The big ones are the supply chain issues that started with the Covid-19 pandemic, and increased costs due to inflation. Experts also point to consumers’ shift to high-margin vehicles, like luxury models and SUVs, and the added cost of modern technology. If you’re in the market and on a budget, they recommend sticking to the basics.
“I think people can rethink some of the decisions about their automobiles. Having 84 month car payments is probably not the way to go,” said David Sollars, a professor of economics at Washburn University. “Being careful about what we purchase make sure we can afford what we’re purchasing.”
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“Here at Toyota, we’ve always tried to keep our prices low,” said Brett Lewis, general manager at Lewis Toyota. “The great thing about having the Toyota brand is that we have eight models that start under $30,000.”
Experts report it’s hard to say what will happen to car prices in the future. Kelley Blue Book says there are still a few good deals to be found on newer models.
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