Record High Car Prices Continue In 2022

By: KDKA-TV News Staff

PITTSBURGH (KDKA) -- It's still not a good time to buy a car.

We're still seeing historically high prices for both new and used cars this year.

Experts predict those prices could stick around for much of 2022.

The rise in prices is due to a shortage of parts, limited production, and surging demand.

It's all driving consumers to pay sky-high prices for those few cars that dealerships have available.

"Driving that is some of the shift toward trucks and SUVs and higher contended vehicles. At the same time. Because of this lack of inventory dealers are not required to discount at all," Tyson Jominy, Vice President of Data and Analytics for J.D. Power and Associates.

J.D. Power forecasts the average wholesale price of used cars could fall about 9% from the 4th quarter of 2021 to the forth quarter of 2022 -- but that won't get prices to where they were before the pandemic.