The average new car buyer in the U.S. paid $47,244 last month, about one-tenth of 1% lower than January. Prices remain historically high – 14% higher than in February of 2021. But they are now in a slow, steady slide, and down 5.4% from the peak in December of 2022.
“While everyone may applaud that prices are coming down, even marginally for the moment, affordability is still challenging the market,” said Erin Keating, executive analyst for Cox Automotive. “Most shoppers have not seen their incomes increase as quickly as vehicle prices, so the new-vehicle market remains a challenge.”
