A new car now costs $48,008, up 30 percent from March 2020. Manufacturers are also selling fewer new cars than before the pandemic, with the more expensive models taking priority.
Record high car prices could be playing a part in Americans’ dissatisfaction with Biden’s handling of the economy. A new ABC/Washington Post poll found the majority of voters, in a split of 54 percent to 36 percent, think former president Donald Trump did a better job with the economy.
The same poll reported Biden’s lowest approval rating yet at 36 percent, 1 point down from a Gallup poll published in April.
[This is a demonstration that the supply-chain crisis has not yet ended. The new CAFE restrictions coming from Biden will make this even worse, as will the forced transition to more expensive EVs. — Ed]
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