New Car Prices Hit Record Highs

Car prices are at their highest levels in history.

In May, the average price of a new car was $29,817 - up $608 from a year ago and $215 more than the previous month's prices.

Some manufacturers have raised prices more than others.

Ford's average price is $32,885 - a 5.2% increase from last year.

Hyundai and Kia have the lowest average prices with a current average of $19,217.

These nasty sticker prices reflect a tight supply for new cars thanks to the earthquake in Japan.

So what should a car buyer do? If you can wait, your best bet may be to buy at the end of the year when supplies are expected to be back to normal.

You can also look forward to lower prices on any leftover 2011 models.