J.D. Power says the average car price is up 8% from last year

CNN– Car prices are rising. According to J.D. Power and Associates, the average new car price was more than $37,000 in the first quarter of 2021. That’s up more than 8% from a year ago. Prices are spiking as people are starting to buy more vehicles, and dealers have less inventory to sell.

Dealers say demand is being fueled by people having to commute to work, low interest rates and preferences for more expensive models and options.