If you were to guess what the average new car price is nowadays, what would you guess? I guessed $23,000, since my Honda Fit is sweet and only costs $19,600 new. Given I’m frugal, leaving a 20% upside pricing buffer seemed logical. Too bad I was way off!
According to Experian, one of the big three credit scoring agencies, the average car price now tops over $34,000! Holy moly that’s ridiculous. All-time best selling family cars such as the Honda Accord and Toyota Camry only cost $26,000 fully-loaded. So how on Earth can the average car price now be 31% higher than these two?