Cars Are Getting More Expensive Fast | San Jose News

Car prices are skyrocketing—new vehicles now average over $48,000 nationwide, with California hitting nearly $50,000, up 27% in just six years. The era of affordable cars under $25,000 is fading fast, with less than 5% of new cars now in that range. SUVs and trucks dominate the market as automakers phase out smaller, cheaper models. Once-luxury features like leather seats and advanced tech are now expected, driving up costs. Used car prices have surged even faster, held hostage by chip shortages, low supply, and fewer trade-ins. With loan rates around 7% and longer terms becoming standard, buying a car is a heavier financial burden than ever. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/ba27df413b564b78