Car buyers face sticker shock as dealers jack up prices on new vehicles
CBSN
Car buyers are feeling the pain of sticker shock as dealers with low inventory raise prices on the vehicles they do have on their lots.
Because dealerships are making fewer sales, they're playing catch-up by marking up auto prices to levels that exceed manufacturers' suggested retail prices, according to a Washington Post report.
The price hikes, which come amid the most ferocious inflation in 40 years, are hitting consumers' wallets hard: More than 80% of U.S. car buyers paid above MSRP in January, according to auto market research firm Edmunds. That compares with less than 3% who paid a premium the same month a year ago and 0.3% in 2020. The average additional cost to consumers was $728, with some buyers of the most popular car models paying markups of as much as $10,000.
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