HOLLYWOOD, Fla. — The price of new cars is surging, according to a new report by Kelley Blue Book.
For the first time, the average price of a new car has hit over $50,000.
“You’ve got to do some research,” said consumer Michael Lopez. “You’ve got to get something that’s lightly used off the lot.”
Tariffs have had an impact, the report says, but the high prices are also driven by consumers choosing luxury and electric vehicles.
If you think this would be a boon for used car dealerships, think again.
Karim Kaseem has been selling cars for three decades.
“Right now, everything I’m finding at the auction have very high miles, which means people are hanging onto their cars,” he said. “New car prices are so high right now.”
Kaseem said he’s taking less of a profit to stay afloat.
“The only thing we add is our dealer fee,” he said.
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