The typical monthly payment hits a record of $712.
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As gas prices surged to record levels, inventory of imports, especially smaller, fuel-efficient models, including hybrids, was among the lowest in the industry at the end of May.
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The average price paid for a new vehicle in the U.S. last month was the second-highest on record, behind only December 2021, when average transaction prices reached $47,202.
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The trend continues to be much worse now than a year ago when prices were notably lower and incentives were higher.
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Consumers have paid more than MSRP for each of the last 10 months, whereas one year ago, non-luxury vehicles were selling for more than $1,300 under MSRP.
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The supply of unsold new vehicles as March opened was about 1.5 million vehicles less than the stock of a year ago and 2.4 million less than in 2020.
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Production will increase with an easing of the chip shortage later this year and sales will rise. Prices will stay high but likely off their records.
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But average transaction prices still linger above MSRP as supply holds steady at the same level since Thanksgiving and customer demand remains strong.
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Available inventory is still down 62% behind the same period in 2020. The days' supply as of December remained 48% below Dec. 2020.
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December 2021 numbers show the accumulating effects of supply chain shortages, price inflation, and static media incomes.
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