3,337,000 – Number of new cars sold in the U.S. in 2021. Sales to consumers accounted for 43.5% of this total, sales to businesses accounted for 54.7%, and sales to the government accounted for 1.8%. The sales total represents a 50% drop from 2016.
Source: U.S. Department of Transportation, 2022
Most teenagers probably aren’t thinking about saving for retirement, buying a home, or even paying for college when they start their first jobs. Yet a first job can present an ideal opportunity to explain how a Roth IRA can become a valuable savings tool in the pursuit of future goals.
Prices for used cars and trucks began to rise at an unprecedented rate in August 2020 after remaining relatively flat since 2013. As new vehicle production was limited by supply-chain issues, demand for used vehicles skyrocketed. By June 2021, prices for used vehicles had grown by 45.3% year over year. After dropping somewhat, they peaked again in March 2022, finally dipping again in April. As new vehicle production accelerates, used car and truck prices could moderate, though the market may not recover quickly.
Source: U.S. Bureau of Labor Statistics, 2022 (Consumer Price Index for All Urban Consumers)
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