New Car Prices Dropped By More Than $700 in February
Advertiser Disclosure
The Wealth Gang team writes about financial information, passive income ideas, apps, programs, cash management tools and other wealth gadgets that we think you might want to use or learn more about. Sometimes, we write about products, services or items that might be associated with affiliate partnerships. In these instances, we will earn a small percentage of the revenue from sales. There is, of course, no cost to you.
Thank you for all your support! Without you, we could not keep this site running. Gang Gang!
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.”
