New cars are finally back in stock, but they come at a steep price

DETROIT — New cars are slowly becoming more widely available, as supply chain bottlenecks finally start to ease. But now, an increasing number of Americans might not want them or be able to afford them.

With the Federal Reserve aggressively hiking interest rates to fight inflation, consumers are finding that the cost of financing a new car is suddenly a lot higher than it was even earlier this year. That’s expected to cut demand and add new pressure to the auto industry, which had been struggling with depleted inventories during the pandemic.

“The irony for…