Consumer prices rose by 3.3% in March, the biggest yearly increase since May 2024, according to the Labor Department. New vehicles now sell for an average of nearly $50,000, up 30% in six years, and average monthly payments have hit $775. The rising cost of cars is contributing to increased concerns about affordability throughout American life, particularly among young people. Consumers are increasingly choosing 7-year loans, which tend to increase interest payments. The rise in car prices is a vulnerability for Republicans ahead of the midterm elections, particularly as the Iran war increases gas prices. The share of vehicles listed for less than $30,000 is about 13%, down from 40% five years ago, and the average selling price for many vehicles from Ford Motor Co., General Motors and Jeep-maker Stellantis has generally trended higher than those for Asian companies.