Reported 28 days ago
In August, car prices continued to decline significantly, with used vehicle prices falling by 1.0% from the previous month and down over 20% from their peak in February 2022. New car prices remained steady since July but have also seen a 1.2% decrease year-over-year. The overall consumer price index rose by 0.2% monthly and 2.5% annually, indicating a slower inflation rate. With increasing inventories, there may be further price reductions, and potential interest rate cuts from the Fed could provide more relief for car buyers ahead of the fall.
Source: YAHOO