Quote:
Originally Posted by darcane
Prices of any product should decrease as competition drives them downward. My point was, and is, the last three years have had an alarming increase in price. 2022 alone had a higher rate of inflation of since the disruption to the car market in WW2, wiping out decades of price drops.
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I like your style - I was looking at that graph last night.
Yes, there was a big spike in 2022. That was a very unique combination of factors - factors that have largely passed. (Although we are still having plants shut down due to part shortages). In 2023 the average car is selling for less than MSRP again and factory rebates / discounted leases have returned to the market. Non-luxury car prices are actually falling.
Used car prices were down 11% YoY in July 2023.
Even at 2023 prices - vehicle prices are still a lot lower than they were 20 - 30 years ago and the vehicle are MUCH better. At least if we are looking at common sedans and crossovers.