The cost of a new vehicle has only gone down a little over 1 percent, but after months on end of relentless price increases, we'll take it.
New-car prices started skyrocketing in the early days of the pandemic when supply-chain problems and strong demand pushed them up, and then they just sort of kept rolling. Back in the first quarter of 2021, for example, General Motors said its transaction prices rose by an average of $3500 per vehicle compared to the previous quarter. Before the pandemic, in 2019, the average prices were up $1800 compared to 2018, then went up another $3301 in 2020 and another $6220 in 2021.
"More vehicles on dealer lots—and on their competitors' lots—means dealers simply don't have the pricing power they did six months ago," Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive , said in a statement.Where we go from here is the big question. The head of sales for Toyota North America, Jack Hollis, said in March that he expects new-car prices tosometime in 2023.
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