Republican lawmakers have argued that the March legislation is overheating the economy and are citing the rise in prices to oppose additional government spending. The government said this week that consumer prices across the economy rose 5.4 percent in the last year through June. Those price increases have fed a debate in Washington about whether President Biden’s policies, particularly the $1.9 trillion American Rescue Plan he signed in March, are responsible for the sharp rise in inflation. New car and truck prices are up about 5 percent over the past year.
Used car prices are up about 45 percent over the past year, according to government data published this week. Some dealers are calling and emailing former customers offering to buy back cars they sold a year or two earlier because demand for used vehicles is as strong as it is for new cars, if not stronger. The combination has left dealers and individuals struggling to get their hands on vehicles. And a strong economic recovery, low interest rates, high savings and government stimulus payments have boosted demand. The frenzy for new and used vehicles is being fed by two related forces: Automakers are struggling to increase production because of a shortage of computer chips caused in large part by the pandemic. In showrooms across the country, Americans are buying most makes and models almost as fast as they can be made or resold. “Customers have either signed the papers or have a deposit on them. Most will be on his lot for just a few hours.
Rick Ricart is expecting nearly 40 Kia Telluride sport utility vehicles to arrive at his family’s dealership near Columbus, Ohio, over the next three weeks.
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