New and used car prices are still soaring and show no sign of dropping
New and used car prices are still soaring and show no sign of dropping. Here's why
https://www.abc.net.au/news/2024-02-07/new-car-second-hand-where-to-find-a-good-deal/103432990
The cost of new and second hand vehicles has sky-rocketed, adding to cost-of-living pressures already being experienced by most Australians. This is the reason, writes Vinh Thai.
Despite most businesses around the world returning to some form of normal after the pandemic, supply chain problems continue to disrupt the manufacturing and availability of new and second-hand cars.
This disruption has caused vehicle prices to sky-rocket, adding to cost-of-living pressures already being experienced by most Australians.
Car prices in Australia rose throughout 2023 with an average increase of almost 20 per cent since April 2020, even faster than the consumer price index.