Price spike forces buyers out of new-car market

A chain reaction touched off by the coronavirus pandemic has pushed new-vehicle prices to record highs and dramatically driven up the cost of used cars. (Feb. 23)

Video Transcript

- We did look at new trucks, but the price is excessive on a truck. I mean, some trucks cost upwards of $70,000.

- We have seen vehicle prices been going up in the new market faster than wages have been going up, faster than incomes have been going up. And so this has meant that these vehicle prices have been getting more and more of a stretch for the average American.

- So we're going to make sure that we're one size fits all. It can't be people that just have great income.

- It's to the point to where it's ridiculous. I don't know how anybody can afford paying as much for a vehicle or a truck as a house.