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Car Prices Are Soaring, and They’re Not Going to Stop

Car Prices Are Soaring, and They’re Not Going to Stop

The average new car price hit a record $38,255 in May, according to JD Power, up 12% from the same period a year ago. Wholesale prices for used cars sold at auction are up 39% since the start of this year, and retail used car prices are up a more modest 20% in the same period.