New Car Prices Dropped By More Than $700 in February
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If life feels more expensive than it used to, that is likely because it is. From home prices; to groceries; to clothing; to buying a new car, everything hits your wallet a lot harder than it used to. Turns out printing a ton of money back in 2020 might have been a costly idea! Hindsight is fun, isn’t it?
For a second consecutive month, new car prices are declining, this time dropping more than $700 per car on average. While that savings might not make you buy a G-Wagon instead of a Toyota Corolla, it is still a step in the right direction.
According to the latest data from Kelley Blue Book (Cox Automotive), the average sale price of a new vehicle is down to $48,763 in February. In January, the average sale price was $49,468. Sure, prices are improving in consumers’ favor, but new car prices are still $2,466 higher than a year ago.
Per Rebecca Rydzewski, a research manager for Cox Automotive, “The transaction data from February indicates that prices continue a downward trend at the beginning of 2023. High loan rates and continued inflationary pressures appear to be hurting the lower part of the market.”
