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JD Power: New average car price is more than $37K

Posted at 12:16 PM, Apr 21, 2021
and last updated 2021-04-21 15:23:51-04

Buying a new car will cost you.

According to JD Power, the average new car price was more than $37,000 in the first quarter of this year.

That's up more than 8% from a year ago.

There are a lot of factors are behind this.

Vehicle demand is being fueled by people returning to work and having to commute, low interest rates and preferences for more expensive models and options.

Shoppers also have more to spend due to saving money during the pandemic and stimulus checks.

At the same time, auto manufacturers have reduced production because of a microchip shortage.