Vehicle price increases outpace worker wage growth, study shows

Prices on new and used cars are rising.

The price to buy a new or used car is increasing at a faster rate than the average wage growth in the nation, a study said.

On Thursday, Anderson Economic Group, an East Lansing-based economic consulting firm, released the results of a recent analysis comparing new and used vehicle price increases against wage growth in the U.S. private sector. The study relied on data from the U.S. Bureau of Labor Statistics related to the Consumer Price Index to compare the cost of a new and used vehicle relative to average weekly earnings for private jobs.

It found that the average new car price last year increased by 11.8% in December compared with a year earlier. The average price of a used vehicle increased by 37.3% for the same period, according to Consumer Price Index data cited in the study.

Katherine E. Ackerman

Next Post

Luminar Partners With Mercedes-Benz to Add Autonomous-Car Tech

Fri Jan 21 , 2022
Luminar,  (LAZR) – Get Luminar Technologies, Inc. Class A Report the producer of vehicle-safety technology, has partnered with Mercedes-Benz DMLRY to speed development of automated-driving systems for the luxury-vehicle producer’s passenger cars. As part of the deal, Mercedes-Benz will buy shares of Luminar. The company told TheStreet that the shares would […]

You May Like