Amid low inventory and high prices, here's how to navigate buying a car.

Any shopper who has visited a car dealership during the COVID-19 outbreak has probably observed that there are very few vehicles and they come with very high price tags.

In this economic climate, with inflation and recession fears, purchasing a car can be a daunting task.

According to Tyson Jominy, vice president of data and analytics at J.D. Power, when visiting a car dealership today, you will either observe a vast expanse of asphalt or an array of used cars in areas that typically display new cars.

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In February 2022, the average price for a new vehicle sold in the U.S. was $44,232, which was a 44% increase from the January 2015 price of $30,694.

Jominy explained that the scarcity of inventory is the reason for the high vehicle prices we observe.

Advice on purchasing a car when prices are high and inventory is low can be found in the video.

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