The Big Story
Are car prices finally coming down?
Sep 14, 2024
Lorraine Sommerfeld, a seasoned columnist from Driving.ca, shares her expertise on the shifting dynamics of the automotive market. With dealership lots brimming with new vehicles, she discusses whether this surplus will finally lower car prices that soared during the pandemic. Listeners will learn effective strategies for buying new versus used cars and gain valuable tips on negotiating deals, understanding trade-ins, and navigating the evolving landscape of electric vehicle depreciation—all while rethinking their car preferences.
13:36
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Quick takeaways
- Despite increased inventory, car prices remain high, with new vehicles averaging $66,700, necessitating cautious budgeting by consumers.
- Evaluating personal driving needs is essential to avoid purchasing a vehicle that may be larger than necessary, impacting overall expenses.
Deep dives
Current Car Market Trends
The current car market has seen an increase in inventory due to replenished stock, but prices remain high and are unlikely to decrease significantly. Despite having more new cars available, the average price for a new vehicle hovers around $66,700, which many consumers find exorbitant. Used car inventories have loosened slightly as individuals who previously held onto their vehicles are now trading them in, but even with this increase, used car prices have not dropped drastically. Buyers need to remain cautious about their budgets and evaluate whether opting for a new car might offer better financing options along with a full warranty.
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