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Car buyers are celebrating the first anniversary of the new-car shortage by paying the highest prices ever.
J.D. Power estimates that the average transaction price for August will be $46,259, which is up from July's record of $45,998.
The price represents an 11.5% increase from last August, which was when the supply shortages first started having a significant effect on the new-car market.
Monthly finance payments are also set to hit an all-time record of $716, up 12.2%, at an average of 5.51% interest.
HOW INFLATION IS IMPACTING COMMUTER COSTS