New Car Prices Are Finally Coming Down From Record Highs
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New car prices are finally coming down as vehicle inventory improves and auto loan interest rates reach the highest level in three years.
The average transaction price for new vehicles remains extremely high — up more than 24% in the past two years — but the trend is changing, according to a recent report from consumer research firm J.D. Power. The average transaction price for October is expected to be several hundred dollars cheaper than the record level it reached during the summer. It's set to fall to $45,599 for the month of October compared to a high of $46,173 in July.
While it's just a dip — and new vehicles continue to be extraordinarily expensive in the grand scheme — the October price drop could be part of a downward trajectory similar to that of used car prices, which have been declining for the past several months, according to government data.
