New car prices hit a record high in August

New car prices hit a record high in August

After months of severe shortages, new automobile stocks are finally beginning to recover, but prices are still rising.

The most recent information from Kelly Blue Book shows that the average transaction price paid in August set a new record of $48,301.

That represented the fifth consecutive monthly record and increased from $48,080 in July.

Dealer inventories were up 43% compared to last year

The 1.2 million amount, though, is still lower than the 1.4 million recorded in August 2019.