President Joe Biden, who describes himself as a “car guy,” is facing challenges as the prices of cars are becoming increasingly unaffordable for many Americans due to inflation.
According to data from the Department of Labor, the consumer price index for new vehicles rose by more than 19.4% from March 2021 to March 2023. Furthermore, the Kelly Blue Book indicates that the average price of a new car in the United States has reached $48,008, a surge of 18.6 percent from March 2021.
In comparison to March 2020, when the pandemic caused a widespread economic shutdown, car prices have risen by 30 percent.