Small decrease in car prices signals industry shift

Cox Automotive released statistics showing a small decrease in car prices in January 2023.

Car prices decrease

The average sales value of a new car was $49,388.00 USD, a drop of 0.6% from the previous month.

Average sales value drops

The Covid-19 pandemic led to a shortage of raw materials, decreased production, increased demand, and higher prices in the car market.

Supply shortage

Customers have been seeking used car deals due to high new car prices, contributing to inflation.

Used Car Deals

In December 2022, the average monthly payment for a new vehicle reached a historic value of $777.00 USD.

Historic Monthly Payment

Cox Automotive's chief economist highlighted credit interest as the biggest challenge in auto sales.

Credit Interest

Automobile manufacturing is growing, leading to a drop in prices for regular and luxury cars.

Automobile Manufacturing

Luxury car sales saw a record increase of 20% in January 2023.

Luxury Car Sales

The increased affordability of used cars may lead to a rise in demand.

Used Car Demand

Monitoring the industry for future developments and trends is crucial. heading in 2 words for every points

Industry Monitoring