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Pandemic triggers surge in auto prices

Posted at 12:04 PM, Feb 23, 2021
and last updated 2021-02-23 15:46:53-05

The pandemic has triggered a cascade of price hikes in America's auto industry, a surge that has made both new and used vehicles unaffordable for many.

The price of an average new vehicle jumped 6% to a record number just over $40,000 between January of last year and December.

That's according to data from Edmunds.com.

The average price of a used vehicle surged nearly 14% to over $23,000.