By Evan Moore
From Charlotteobserver.com
Most Americans depend on cars to get around, but recent data shows purchasing a new vehicle may now be out of reach for average earners.
The average price of a new car sold in May was $47,148, a $472 increase from the previous month, according to Kelley Blue Book. This coincided with the average monthly car payment surpassing $700, the highest on record, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index.
Although demand for new cars has increased since the start of the COVID-19 pandemic, the inventory for cheaper vehicles is low due to the lack of a key component used to make most vehicles….