After more than a year of crazy-high car prices, a new car’s cost has dipped below the sticker price. The discounts aren’t substantially significant: The average discount from the sticker price was $15.
“Admittedly not a lot of money,” says Ivan Drury, senior manager of insights at Edmunds, which provided the data. “So we’re on track for some level of ‘normalcy’ but not there yet.”
Moreover, “normal” is now an average new-car transaction price of $47,681, according to Edmunds. And rising interest rates — at 6.6% for new cars — brought the average monthly new-car payment to $718 in November.
On the used car side, it’s not much better. Used car interest rates rose to 10.2%, making the monthly payment $565 over a 70-month loan. And leases were going for $583 a month with interest rates — called the “money factor” in a lease — at 5.8%.
OK, so it’s not the perfect time to buy a car. But some people need wheels now and want to get the most for their money. Are they out of…
This article was written by Philip Reed and originally published on www.nerdwallet.com