Posted 1/11/2024, 4:16:48 PM
Vehicle Prices Cool in 2023 as Auto Market Stabilizes from Recent Highs
- Vehicle prices moderated in December and 2023 as volatility slipped from the once red-hot auto market
- New vehicle prices rose just 1% year-over-year in 2023, down from a 5.9% jump last year, showing disinflation
- Used vehicle prices fell 1.3% year-over-year in 2023 after dropping 8.8% in 2022, with the used wholesale market down 7%
- Automotive research site Edmunds sees new vehicle prices continuing to fall in 2024 as inventory improves
- Motor vehicle insurance premiums soared 20.3% from a year ago, the category's biggest gain since 1976