For many Americans, owning a car is a necessity, but with high price tags fueled by strong demand and rising interest rates, it has become difficult for many to afford one.
Wednesday, the auto industry is keeping a close eye. is still close to $50,000. Used cars cost about $28,000 on average.
Adam Lee, the owner of 16 car dealerships in Maine, said the average price of a car at his dealerships is about $50,000. He said business has been especially good the past three years, but senses a change. While inventory has improved recently, production of new vehicles has favored higher-priced models with lots of amenities.
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