Relief from record high auto prices could be coming soon. But that doesn't mean those prices will go back to where they were before the pandemic
A shortage of necessary parts — primarily computer chips — limited production of new vehicles around the globe. That left car dealers short of supply to meet demand, allowing them to charge a premium for the cars they had available.The average transaction price for a new car was $46,426 in December 2021, according to Edmunds, up $5,850 — or 14% — from a year prior.
Power forecasts that the average wholesale price of used cars should fall about 9% from the fourth quarter of last year to the fourth quarter of this year, and that prices should continue to decline in 2023. But that won't get prices to where they were before the pandemic."Prices will be going down, but they're not going to get to 2019 levels," Paris said.Pat Ryan, founder and CEO of CoPilot, a car buying app, said that used car prices are already showing signs of decline.
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