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Car prices are expected to keep climbing throughout 2022 as the auto industry faces heightened demand and inventory constraints

Car prices are expected to keep climbing throughout 2022 as the auto industry faces heightened demand and inventory constraints
A car dealership lot with Ram pickup trucks.David Zalubowski/AP


The cost of both new and used cars is expected to remain higher than average throughout 2022.A 




The increased prices are attributed to high demand for automotives, paired with inventory constraints.A 




President Biden said in a speech this week that he is working to alleviate bottlenecks driving up costs.A 


Skyrocketing prices for both new and used cars show no sign of slowing, and experts say the higher-than-average costs are expected to continue throughout 2022.A The cost of cars has climbed globally in recent months in response to heightened demand and inventory constraints, exacerbated by reduced supply of chips that are integral to automobile production. Labor shortages have also impacted the rate at which car manufacturers can produce vehicles, further driving up costs.A Tyson Jominy, head of data and analytics for J.D. Power, told CNBC that an estimated 89% of car buyers are paying above sticker price or within 5% of it, noting that consumers should expect to see higher prices throughout the rest of the year.A "The typical dealership experience that consumers are familiar with a?? walking dealer lots with rows and rows of cars, negotiating over price and getting many incentives a?? is not likely to return this year because there are 4.5 [million] to 5 million consumers on the sidelines waiting for cars," Jominy told CNBC.A 
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