New car prices may soon start coming down
New car prices may soon start coming down — but get ready to pay more in interest.
New vehicle prices hit a record in August. Even if they start coming down, interest rates are now at their highest levels in 15 years.
New car prices may finally start declining in the coming months — but don't expect to pay much less every month due to higher interest rates.
A separate report released predicted lower list prices could come in the coming quarter thanks to rising interest rates, higher vehicle availability, and worsening economic conditions that are likely to affect overall demand.
The declines, whatever they look like, would be welcome for car shoppers.
And the lower list prices would come at a time when interest rates to borrow for car purchases are at levels not seen in 15 years — nearly 6% on average.
Accordingly, the result is that lower-income and lower-credit-quality buyers are being eliminated from the market, while luxury buyers will remain.
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