Thanks, Biden: Average Price of New Car Hits $48K

Joe and Hunter Biden in the president's 1967 Corvette (Twitter)
May 8, 2023

The average price of a new car continues to soar under President Joe Biden, who voters think is handling the economy worse than his predecessor. 

A new car now costs $48,008, up 30 percent from March 2020. Manufacturers are also selling fewer new cars than before the pandemic, with the more expensive models taking priority. 

Record high car prices could be playing a part in Americans' dissatisfaction with Biden’s handling of the economy. A new ABC/Washington Post poll found the majority of voters, in a split of 54 percent to 36 percent, think former president Donald Trump did a better job with the economy. 

The same poll reported Biden's lowest approval rating yet at 36 percent, 1 point down from a Gallup poll published in April. 

In a weekend interview, the president blamed his poor approval numbers on the news media. 

"All they've heard is negative news for three years," Biden said, adding that the only way to get a "hit" is to focus on negativity. 

The Wall Street Journal’s April Economic Forecasting survey reported economists estimate a 61 percent of a recession within the next 12 months.

Published under: Economy , Inflation