Vehicle price increases outpace worker wage growth, study shows

Prices on new and used cars are rising.

The cost to obtain a new or used automobile is rising at a more rapidly amount than the regular wage advancement in the nation, a research explained.

On Thursday, Anderson Economic Team, an East Lansing-based mostly economic consulting firm, released the final results of a new investigation evaluating new and employed vehicle price tag boosts against wage expansion in the U.S. non-public sector. The study relied on facts from the U.S. Bureau of Labor Statistics related to the Purchaser Rate Index to compare the expense of a new and employed vehicle relative to normal weekly earnings for non-public jobs.

It discovered that the typical new car price last yr amplified by 11.8% in December compared with a yr before. The average price of a made use of vehicle increased by 37.3% for the exact period of time, in accordance to Client Price Index data cited in the research.