Whether you’re filling up at the gas pump or shopping around for a new car
, you’ve likely felt the strain that inflation and supply chain issues have placed on consumers. Shoppers looking for a new Hyundai
or Kia
are most likely looking for a reliable car that meets their needs at an affordable price point, but that might be harder than ever to come by according to a recent analysis from Consumer Reports
. This trend isn’t exclusive to just Kia and Hyundai. Almost all popular cars, SUVs, and trucks are selling at inflated price points, and this may be the case for the foreseeable future.
Why prices are going up for new cars
The average price for a new car as of January of 2022 is over $46,000, several thousand more than it has been in years previous. The main issue behind the current state of car-buying comes from manufacturers themselves not being able to keep up with demand.
The COVID-19 pandemic has had a huge impact on the supply chain across industries. The current microchip shortage
may even affect new cars until 2023. In a high-demand, low-supply market, this means buyers who are set on securing their dream car may have to shell out well-above MSRP. It’s up to the individual the decide whether the inflated price point of popular models like the Kia Rio, the Hyundai Accent, or the Kia Telluride are worth paying up to 21% over the sticker price.
MORE: Kia’s EV Tied with Tesla for an Impressive Award
Do Hyundai and Kia make new cars worth waiting for?
If you can help it, waiting to buy a new car could be the right move for the current market. For an affordable subcompact model like the Kia Rio, which ranges in price from $16,250 to $17,1290, buyers are spending an average of $3,627 over MSRP.
The Hyundai Accent is another popular subcompact car, and buyers are spending an average of $3,173 over the sticker price.
For the 2022 Kia Telluride, a midsized sport utility vehicle, the average spent over MSRP is a whopping $6,130.
Shelling out an extra few thousand for your dream car may be reasonable for some, but if you’d like to save a few grand, waiting is your best bet.
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