New vehicles now sell for an average of nearly $50,000
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The Bottom Line
New vehicles now cost nearly $50,000 on average, contributing to a 3.3% rise in consumer prices.
How This Affects You
Your ability to afford a new car is impacted as prices increased 12.6% over the last year, contributing to overall inflation.
AI Summary
The Labor Department reported that new vehicles now sell for an average of nearly $50,000. This figure comes as consumer prices rose 3.3% in March, marking the biggest yearly increase since May 2024. New car prices specifically were up 12.6% from a year ago, contributing significantly to the overall inflation. This sustained increase in vehicle costs impacts consumers' purchasing power and affordability for transportation.
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