TUCSON, Ariz. (KGUN) — According to the Federal Reserve Economic Data, car prices have continued rising since the pandemic began.
iSeeCars.com recently ran a study of new vehicles, comparing them to their manufacturer's suggested retail price (MSRP).
It revealed an average new car in Tucson is 9.4% ($3,363) higher than the MSRP.
"In today’s market, consumers are willing to pay well-above sticker price for the most in-demand vehicles because it’s the only way they can get the vehicle of their choice and avoid a lengthy wait," shared iSeeCars.com Executive Analyst Karl Brauer.
Cars with the highest markups locally are:
"New car shortages are expected to persist due to the backlog of demand, and the Russia-Ukraine conflict has led to factory shutdown and pricing increases on raw materials," Brauer added. "The best way to avoid paying over sticker is to broaden your search radius and to consider similar vehicles that may not have the same degree of price hike."
When examining America's most populous metro areas, iSeeCars.com found Detroit, Mich. had the smallest MSRP at 6.5%, with San Francisco/Oakland/San Jose, Calif. having the highest at 12%.
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Caleb Fernández is a digital content producer for KGUN 9. After earning his bachelor's degree from Penn State in Advertising/Public Relations, Caleb went to New York where he learned production assistance, photography and art direction. Share your story ideas and important issues with Caleb by emailing caleb.fernandez@kgun9.com or by connecting on LinkedIn, Instagram, and Twitter.
