If you're shopping for a new car, be prepared to shell out more dough. General Motors recently announced that effective May 2, the price of most new GM vehicles will go up by 0.4 percent—an average $123—due to the higher cost in oil and metals.

The move follows recent price hikes by other car makers. On April 4, American rival Ford Motors also announced a similar cost-related 0.4 percent price hike, raising the average new Ford car's window sticker by about $117. And last month, Toyota announced a price hike of up to 2 percent for some models produced by the Japanese auto giant.

Analysts say auto maker price hikes typically precede the busy spring and summer new car buying season. But last month's natural disasters in Japan have placed a strain on the supply of car parts and new car production for both Japanese and American auto makers.

Maryann Keller, principal of a self-titled consulting firm in Stamford, Conn., told the Bloomberg news agency:

Auto companies even before the tsunami have not been able to meet their production targets. They’ll get away with a price increase because there just isn’t a huge supply of vehicles out there to result in a great amount of discounting.

Rising prices are never good news for consumers—especially for those who may be shopping for more economical cars to off-set rising gas prices. If you're downsizing to a newer vehicle, check out Consumer Reports' online Car Buying Advice for money-saving tips.

General Motors to Raise Prices $123 Per Vehicle for Higher Commodity Costs [Bloomberg]
GM Boosting Vehicle Prices [Wall St. Journal]