Buyers spending 'far above sticker' for new cars.
By The Exchange Team
Anyone buying a new automobile today may pay thousands more than the listed price.
According to the U.S. Bureau of Labor Statistics, a lack of computer chips and other supply-chain issues drove up new automobile prices 10% from a year ago.
In August, the average transaction price for new cars was $46,259, according to J.D. Power/LMC.
As demand exceeds supply, retailers are charging more than the MSRP for new cars, according to iSeeCars.
Because inventory is so low and new car prices aren't likely to recover until 2023, consumers are willing to spend considerably above sticker price.
iSeeCars revealed that the typical new vehicle is priced 10% above the sticker price, with some sought-after models marked up significantly more.
iSeeCars determined that the Jeep Wrangler had a 24% markup, or $8,433 more than retail.