The average transaction price for a new car hit a record $48,301 in August as supplies remain scarce and automakers shift toward more profitable models.
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New car inventories are finally starting to improve after months of severe shortages, but prices continue to rise.That was up from $48,080 in July and marked the fifth-consecutive monthly record. It also represents a 10% over August 2021, which was shortly after the supply issues started in earnest.Dealer inventories were up 43% compared to last year, however, the 1.2 million figure remains down from 1.4 million seen in August 2019, before the coronavirus pandemic began
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