Used Car Prices Rise while New Car Deals Emerge amid Model Shortages and Loan Rate Hikes

Used car prices went up in September but new car prices dropped slightly. The UAW strike has not impacted prices yet but likely will in October.

Interest rates on new car loans hit a 15-year high in Q3 2022, making monthly payments the highest on record.

Some popular models like the Ford Bronco are in short supply, so prices may rise. Used versions of scarce new cars could also go up.

But many 2023 models have huge discounts in October 2023, including the Ram 1500, Kia EV6, Hyundai IONIQ 5, and Alfa Romeo Giulia.

Discounts range from 12-15% off MSRP on certain models like the Ram 1500 Tradesman and Kia EV6.