When will the car market return to normal? – WGNO New Orleans

(NerdWallet) – Don’t expect car prices to drop significantly anytime soon.

Instead, new-vehicle prices — already at record highs — will remain elevated, automotive experts say. At the same time, used-vehicle pricing should moderate as the Federal Reserve continues raising interest rates to curb inflation. Analysts are closely tracking vehicle demand, with consumer sentiment low amid signs of a worsening economy and a resurgence in gas prices.

“It’s going to be a very turbulent next 12 months as these interest-rate hikes filter through the economy,” says Charlie Chesbrough, senior economist at Cox Automotive. “Certainly, they’re going to have an impact on the new- and used-vehicle markets.”

Prices skyrocketed during the pandemic as automakers dealt with ongoing supply-chain disruptions and a shortage of semiconductor chips, which power smartphones, refrigerators, TVs, cars and more. When new-car production slowed, Americans held onto their vehicles for longer, reducing supply on the…

Read Full Story: https://wgno.com/news/nmw/when-will-the-car-market-return-to-normal/

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