DETROIT (AP) — 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, with average prices still 30% to 50% above where they were when the pandemic erupted in early 2020.
The average used auto cost nearly $31,000 last month. The average new? $47,000.
With monthly payments on a new vehicle averaging above $700, millions of buyers have been priced out of the new-vehicle market and are now confined to used vehicles.