When will the car market return to normal? – KTSM 9 News
(NerdWallet) – After years of sky-high car costs, prices for both new and used vehicles may be cooling off, according to automotive experts. But they warn that prices won’t be nearly as low as they were pre-pandemic.
Prices skyrocketed during the pandemic, and remained high, due to supply-chain disruptions and a shortage of semiconductor chips, which power cars and more. But now, experts predict that changing conditions in the market will drive prices down.
Current factors impacting the price drop include more inventory, higher interest rates (which increase the cost of auto loans) and inflationary concerns, meaning consumers aren’t able or willing to allocate funds to buy vehicles.
“We’ve definitely kind of hit a new paradigm in the car market where these prices are not going to be maintained at these elevated levels we’ve seen for two years,” says Karl Brauer, executive analyst at car search engine iSeeCars.com.
New car prices to cool off
Recent trends show that prices are no…
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