Car Prices Are Surging
Photo by Obi - @pixel7propix on Unsplash
Chaos is back in the used car market. While prices had finally started to drop towards normal late last year, this trend has abruptly reversed course. Inflationary pressure from new and used cars is back in early 2023, with new car prices setting records every month this year. With consumer confidence still high, more affluent consumers remain willing to pay near record-high prices for some of the priciest vehicles on the market.