Why new car prices are SKYROCKETING and what you can do

New vehicle prices have now surged to around $50,000 on average! Susan Campbell talks with Joseph Yoon from Edmunds about how this is driven by pandemic-era supply chain disruption and automakers prioritizing higher-margin mid- and high-trim models, leaving few truly affordable new cars under $30,000 after fees and options. They discuss how higher interest rates and rising living costs are pushing buyers into longer 72- to 84-month loans, increasing the risk of being underwater and paying substantial interest, especially for shoppers focused only on monthly payments. Yoon explains how reduced leasing during the pandemic shrank the supply of late-model used cars, making today’s “best value” closer to a five- to seven-year-old vehicle.

Whether it’s Arizona's housing market, car buying tips, cheap family vacations, how to avoid scams, or just saving money, Gary Harper, Susan Campbell, and the Arizona’s Family On Your Side team are here to make you a more savvy consumer.