"But I do see some of the volatility with transaction prices leveling off when we get supply closer to demand." When will automakers be able to produce enough new vehicles to begin meeting that demand? "We're talking late 2023, early 2024," predicts Brinley.Ģ8 New Cars and Trucks That Are More Available Now It's a Domino Effect "I don't see MSRPs going down," says Stephanie Brinley, principal analyst at IHS Markit. We're going to be paying premium prices for both new and used vehicles for a long time to come.
The more pressing question is: when will car prices return to earth, to the hot buyer's-market deals we saw before COVID hit?Īccording to top auto-industry analysts: not any time soon. New-car shopping site reported that 82 percent of new-car buyers in January paid over sticker for their new vehicle a year ago, only 2.8 percent did. Prices for used cars were a dizzying 40.5 percent higher than in January of last year. Bureau of Labor Statistics' Consumer Price Index Summary, transaction prices-what people actually paid for their vehicle-were up by 12.2 percent for new vehicles in January compared to a year ago. Unless you've been avoiding the news feed on your phone for the past couple of months, you know the sad story about car prices: they've soared. Cars are still just as awesome as ever, and that won't change. Think ahead, too, and plan to do research and then order the vehicle you want.
#USED CAR PRICES SKYROCKET DRIVER#
If you want a car, think ahead to 2024, a date when analysts told Car and Driver things will be leveling off somewhat.Those may end, but expect the car-buying experience to be permanently changed. COVID-19, the resulting chip shortage, and now the Russian invasion of Ukraine are all parts of the problem.
Buyers paid 12.2 percent more for new vehicles in January 2022 than in January 2021, and the picture was even worse for used vehicles, which were up more than 40 percent year over year.
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