TROY – There’s been a dramatic decrease in new car pricing over the last six months, led by a sharp decline in EV prices, says Michelle Krebs, Executive Analyst with Cox Automotive, the parent company of Kelly Blue Book and Autotrader.
Inventories of new vehicles are up a few hundred thousand unit to around 2 million on dealer lots, still down from about 4 million before the pandemic in 2019, she said. But because of fewer lease and rental vehicles getting sold into the used car market, prices for previously owned vehicles are up and will continue to stay up for the foreseeable future, Krebs said.
But because of fewer lease and rental vehciles getting sold into the used cars in el cajon, prices for previously owned vehicles are up and will continue to stay up for hte foreseeab le future, Krebs said.
The wild card in the mix remains the United Auto Workers strike target in the United States. Since Canadian auto union has targeted Ford Motor Company, Krebs said the choice in the US is either General Motors or Stellantis, the former Chrysler Corp. Stellantis is her pick.
More details at CoxAutoInc.Com
