Tag: new car prices

When supplies rose and demand fell, used automobile prices dropped the most in history. Some major carmakers are cutting prices by almost $10,000 as sales plummet! Millions of car buyers are underwater, panicking lenders. The situation is dire. The average used car in America costs $29,533, down from the record high of $31,095 in April 2022 but still 45% higher than in 2019. Used car prices rose roughly 70% between 2020 and 2022, and despite strong falls since December, there's more negative ahead. Although used automobile costs have skyrocketed, Americans should expect a 50% to 60% reduction. Experts think the price crash will hurt some motorists, but we may never return to "normal" levels. They estimated that the car market meltdown might wipe out $1 trillion in new and used cars. Finan...