Even with the average price of new and used vehicles beginning to ease, auto purchases remain unaffordable for many, with average prices still 30% to 50% above where they were in early 2020.
Average prices on new and used vehicles have begun easing from their record highs, and more vehicles have become available at dealerships. The average used vehicle price in September was down 1% from its peak in May. Even so, auto purchases remain unaffordable for many.
Even with the average price of new and used vehicles beginning to ease, auto purchases remain unaffordable for many, with average prices still 30% to 50% above where they were in early 2020.