Consumers Are Paying More Than Ever For Cars

The video discusses the challenges in the car market, highlighting a JD Power study that shows a decline in new car reliability due to supply chain issues, particularly chip shortages. Car prices have reached record highs, impacting consumer finances significantly. The used car market is also affected, with prices rising sharply. Many Americans rely on personal vehicles, making these issues critical. The market is not expected to normalize until 2024, with manufacturers like General Motors producing cars without certain features due to shortages.

What percentage increase in the average price of used cars was reported compared to May of last year?

According to car dealers, when can consumers expect supply issues to improve?