Edmunds has reported new data illustrating just how much car prices are escalating.
Edmunds says 80% of auto buyers in January of 2022 paid more than the sticker price.
Auto prices are typically based on the manufacturer’s suggested retail price, or MSRP.
Dealers are encouraged to use these guidelines to price vehicles, but they are not beholden to them.
According to CNN Business, sellers are taking advantage of massive demand, where vehicles spend an average of just 10 days on a dealer lot.
Says Edmunds, if a buyer isn't willing to pay above the sticker price, “the dealer can be confident there will soon be another buyer who will.”
Last year, only 2% of buyers reportedly paid above the MSRP, with an average deal coming in $2,150 below.
The average sale in January of 2022 was $728 above MSRP, with a median sale price of $45,717.