Auto Prices Creep Down, But Still 30-50% Above Pre-Pandemic Cost

  • The cost new vehicles got even higher because supply-chain issues slow and manufacturing and delivery of them.
  • Vehicle shoppers were forced into the used market because new ones became too scarce or expensive.
  • The average new vehicle costs about $47,000 and the average nearly $31,000, as of last month.
  • The cost of owning a new vehicle was further compounded by the higher loan rates, which increase the total cost of a monthly payment.
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