Since the disruption caused by Covid-19 to the global economy, the high cost of new cars has been a concern for buyers. However, there's now a trend of new cars becoming more affordable. The average cost of a new car in the U.S. has increased to approximately $47,000, up by about $10,000 compared to pre-pandemic levels. This increase, combined with higher interest rates, resulted in car payments rising by about 33%. However, the average price of a new car has recently dropped by almost $3,000 from its peak. Looking ahead, buyers can anticipate further reductions, with car prices expected to decrease by another 3%, or around $1,500, in the coming year.
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