New Car Prices Are High, But Is Relief on the Way?
Undoubtedly, new car prices are high. Soaring new vehicle prices have kept many buyers off the lot, with average costs soaring to $48,182 this summer (July 2022) – the highest ever recorded! A microchip shortage worldwide has thrown a major wrench in the supply chain, decreasing supply and boosting demand. Rising demand caused prices to do the same, and unfortunately, the microchip crisis is not expected to improve until next year. That said, high prices will likely continue through early 2023.
Some brands have marked up prices higher than others, though. Honda, Kia, and Hyundai dealers, for instance, charged 5% to 8% markups over MSRP in July. Other automakers, like Buick, RAM, and Volvo, charged a premium closer to 1%.n
The good news? Used car prices, after climbing close to those for new vehicles, are finally dropping. While we remain in a seller’s market, those looking for a used vehicle may be able to find a good deal in the months to come.
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