USA: Good news for folks looking to buy cars: prices are going down! In a recent report, we learned that both new and used car prices are falling. Frosty Romanian from Yahoo Finance breaks it down for us.
In the world of new cars, prices went up just a tiny bit this month, about one-tenth of a percent. But when we compare prices to last year, they went up by three and a half percent. It might sound like a lot, but the good news is that the increase is getting smaller. Last month, prices went up by over four percent, so things are starting to get back to normal.
The used car market is even more interesting. Prices for used cars dropped by 1.3 percent just in July. When we look at the whole year, prices are down by 5.6 percent. This is a big change and it’s been happening for the past 12 months. This means used cars are becoming more affordable.
A company called Manheim keeps track of car prices. They’ve noticed that prices have been dropping for a whole year. This is because the weird stuff that happened during the pandemic, like not enough cars and lots of people wanting to buy them, is going away.
What does this mean for you? Well, if you’re thinking of buying a new or used car, it’s a good time. Dealers are trying to get people to buy cars by offering them good deals. They have more cars to sell now, so they want to attract buyers. So, if you’re looking to get a car, especially a new one, this could be a good time to do it.
Remember, even though prices are going down, cars can still cost a lot of money. Many people are being careful with their money right now. Car companies are also trying to figure out how to sell cars when people aren’t spending too much.
So, there you have it. Car prices are going down, which is nice if you’re thinking of getting a new ride. Just keep in mind that even though prices are better, cars still might take a big chunk out of your wallet.