General Motors is the latest automaker to ask customers to help cover its own rising costs.
The typical GM product will cost about $123 more, starting May 2nd, which the maker attributes to the higher price it is paying for commodities such as steel and oil. Steel is the dominant material in a car, but higher oil prices translates into increased costs for plastics – and the tank of gas a new model leaves the factory with.
GM is by no means alone. Ford has bumped up prices. And so has Toyota, which plans to add an additional 1.2% to 2.2% to the sticker on its Toyota, Scion and Lexus products, come May.