New Vehicle Prices Fall Below Sticker After Nearly 2 Years
Good news for drivers looking to buy a new vehicle in 2023: After production delays and broken supply chains caused manufacturers to have limited supply, the increasing new car inventory levels are allowing prices to plateau and even drop. While prices may not have dropped a huge amount yet, it is a good sign for the next few months. Be on the lookout for better selection and lower prices! Shop our new car inventory now at Mike Anderson Chevrolet Merrillville!
Expanding New Car Inventory
You probably remember the difficult supply chain issues that began in 2020. As frustrating as that was, the good news is that the new car inventory levels are increasing at dealers across the country. Treat yourself to a new vehicle this summer! The lineup of 2023 Chevrolet models is full of new upgrades and redesigns to enhance the performance, safety, and technology of each new vehicle. With great prices for amazing vehicles, 2023 is a great time to buy a car.
Vehicle Prices to Decrease in 2023
Over the upcoming year, financial experts predict that both new and used car prices will fall. In November 2022, J.P. Morgan released a research report showing trends that indicate new car prices will probably fall roughly 5 percent, while used car prices could dramatically plummet by 10 to 20 percent. Supply of new vehicles for the upcoming year is returning to normal, which is expected to fuel the decrease in prices for 2023.
So, Will Car Prices Drop In 2023?
Over the past few years, new and used vehicle prices were uncharacteristically high. Supply chain issues explain most of the price increases. Starting in 2020, there was a shortage of chips needed to manufacture new vehicles. A car chip shortage meant fewer new vehicles were being produced, so the decreased supply of new vehicles caused an increase in pricing on new vehicles.
With fewer new vehicles to sell, dealers were forced to rely more heavily on used car sales, which then raised the prices of used vehicles. At the same time, consumer demand for vehicles rose, so an overall reduced supply combined with higher demand produced inflated prices. Supply of new vehicles for the upcoming year is returning to normal, which is expected to fuel the decrease in prices for 2023. So, when will car prices drop? Although there isn’t a specific timeline, they’re expected to decrease throughout the year.
Browse Prices and Selection Easily Online
With car prices dropping, now is a great time to shop our 2023 Chevrolet vehicles! We have an expansive inventory of the latest Chevrolet cars, trucks, and SUVs, as well as a great selection of used models. Most importantly, we have a staff of automotive experts to provide you with exceptional customer service. Check out our selection easily online today!