In the decade prior to the COVID-19 pandemic, new car prices saw a 3% average annual increase, but after a larger 5% increase between 2019 and 2020, prices spiked 17.2% between 2020 and 2021, says a report from the Zebra. In 2019, the average new car cost $36,824, and it is projected to climb over $47,000 by the close of 2021.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.