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PHOENIX (3TV/CBS 5) — New vehicle prices have now surged to around $50,000 on average! Susan Campbell talks with Joseph Yoon from Edmunds about how this is driven by pandemic-era supply chain disruption and automakers prioritizing higher-margin mid- and high-trim models, leaving few truly affordable new cars under $30,000 after fees and options. They discuss how higher interest rates and rising living costs are pushing buyers into longer 72- to 84-month loans, increasing the risk of being underwater and paying substantial interest, especially for shoppers focused only on monthly payments. Yoon explains how reduced leasing during the pandemic shrank the supply of late-model used cars, making today’s “best value” closer to a five- to seven-year-old vehicle.
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