Posted 1/17/2024, 8:23:10 PM
New Car Prices See Largest Drop Ever - Shoppers Back in Driver's Seat with Discounts, Rebates
- New car prices dropped 2.4% in the past year, the largest annual decline ever recorded. The average new car price is now $48,759.
- Buyers can negotiate discounts again after prices surged in 2022. Potential for larger price drops in 2024 as inventory rebounds.
- Average incentives like cash rebates are way up - now 5.5% of transaction price versus 2.7% a year ago.
- Electric vehicle prices dropped 18% in the past year thanks to inventory glut. Now much closer to average for all cars.
- Shoppers should pay cash or make big down payments if possible due to high interest rates. Know your credit score. Shop around and be flexible.