Dealers report elevated prices, a lack of affordable vehicle models, and higher interest rates are pricing many consumers out of new cars.
Average vehicle transaction prices continue to soar, according to data released by Kelley Blue Book.
The most recent Consumer Price Index from the U.S. Bureau of Labor Statistics shows a slight but promising decline in used car prices.
J.D. Power and LMC Automotive report predicts average new vehicle transaction prices will hit a record $46,259 in August.
Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
The Ukraine invasion has ramped up the price of metals used in vehicles and OEMs likely will pass these costs on to consumers.
Record high used car prices will deflate. The question is how fast the bubble will burst.
The average price of a new car hit $45,000 in September and reached $25,000 for the average used car, according to Kelley Blue Book.
Volkswagen will begin offering its new models for lower prices and provide dealers with a broader product range in a move that could lower residual values if incentives remain high, according to an industry expert.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In