Car prices have soared as the global chip shortage continues to wreak havoc on inventories, and it costs Americans 41.3 weeks of income to purchase the average new vehicle, up 19% from the same time period last year. The US consumer price index, which includes used cars, increased 8.6% in May, the largest jump in 40 years. Used cars and trucks are up a whopping 16% from a year ago. Even with those increases, it’s surprising to see car payments topping rent expenses, said Jack Liebersohn, an economics [assistant] professor at the University of California, Irvine.

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