(AURN News) - The ongoing battle against high inflation is continuing to have ripple effects across various industries, and the auto sector is no exception. According to new data from Edmunds, an automotive research and shopping platform, higher auto loan rates are keeping new and used vehicle sales in 2024 low.

The experts at Edmunds have also noted that the $20,000 new vehicle is "nearly extinct." Their data shows that the average transaction price for a new vehicle reached $47,060 in February of this year, a significant increase from the average of $36,677 just five years ago - a staggering 28% jump.

Despite efforts by automakers to offer incentives, Edmunds reports that these measures have not been enough to boost sales and make new vehicles more affordable for consumers grappling with the high cost of living.

Learn more about your ad choices. Visit megaphone.fm/adchoices