Cox Automotive released statistics showing a small decrease in car prices in January 2023.
The average sales value of a new car was $49,388.00 USD, a drop of 0.6% from the previous month.
The Covid-19 pandemic led to a shortage of raw materials, decreased production, increased demand, and higher prices in the car market.
Customers have been seeking used car deals due to high new car prices, contributing to inflation.
In December 2022, the average monthly payment for a new vehicle reached a historic value of $777.00 USD.
Cox Automotive's chief economist highlighted credit interest as the biggest challenge in auto sales.
Automobile manufacturing is growing, leading to a drop in prices for regular and luxury cars.
Luxury car sales saw a record increase of 20% in January 2023.
The increased affordability of used cars may lead to a rise in demand.
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