The Decline of the Car Market: Aging Cars and Plummeting Prices

Car prices are finally cooling down after years of inflation, with dealers and manufacturers offering cash incentives for new vehicle purchases. Increased supply and easing supply chain shortages have contributed to the drop in prices. New vehicle inventory has increased, leading to a decrease in transaction prices. Luxury brands and EVs have seen significant price drops, with projections indicating that vehicle prices will continue to decline. Transaction prices are down 2.4% from January, marking the highest drop in over a decade.