Sticker shock raises eyebrows, socks budgets and cuts some buyers out

"There weren’t enough semiconductors to make all the cars that people wanted to buy," Biden said. 

"And guess what? Prices of automobiles went way up, especially used vehicles as well." 

Biden then suggested that what's needed is to lower costs, not wages, and make more cars and semiconductors in America.

Where prices really took off, of course, was on used car lots. Many consumers turned to used cars when their dream new car or truck cost too much or the new model wasn't readily available at the dealership, thanks to the semiconductor shortage that hit assembly lines. Demand took off as jobs returned and stimulus checks helped fuel car sales, too. 

Even so, I was kind of shocked to hear Biden blame car sales for inflation. Not cereal? Not high prices at the pump? But then my "new" SUV — which I hardly drove in the last two years since working remotely during the pandemic — is now 7 years old and doing just fine. (In the past 11 months, I have driven less than 3,000 miles.)