DETROIT (WWJ) – More than a century ago, Henry Ford set out to make an affordable automobile.
In December 2021, the average price of a new car was anything but affordable – an estimated $47,000, according to Kelly Blue Book.
The average car price rose by an estimated $1,800 in 2019. That figure jumped to $3,330 in 2020, and in 2021, the price of a new car cost consumers over $6,000 more than the year prior.
These increases leave many Americans with lots of questions – What exactly caused prices to skyrocket to dizzying heights? What will it take to bring prices back down? Is that even possible? WWJ’s Zach Clark tried getting some answers in a new edition of The Daily J.
Not so long ago, newspapers were jam packed with car ads. “There were deals everywhere,” Clark says on the podcast.
But now, WWJ AutoBeat Reporter Jeff Gilbert says "now, you’re gonna pay full price or more for everything.”
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