While new car prices remain high, there is a gradual return to more reasonable levels in the automotive market. The increase in available inventory is a significant factor driving this correction and helping to bring prices down. According to the CarGurus Intelligence Report from February 2024, although prices are trending downwards due to improved inventory levels, there is still room for further adjustments to benefit consumers.
The report indicates that new car list prices have decreased by 1.3% compared to February 2023 and by 0.3% since January of this year. This decline is attributed to a substantial increase in new car inventory levels, which have risen by 65% since 2023 and by 5.2% since January. Despite these positive indicators, the inventory levels are still 25.9% lower than pre-COVID-19 levels, and prices are still over 30% higher.
Interestingly, certain individual models have experienced more significant price corrections than others. For example, the Ford F-150 Lightning saw a notable average price drop of almost 23%, followed by the Mercedes-Benz SL-Class with a decrease of 22.3%. The Ford Mustang Mach-E, E-Transit, and the Kia Niro EV also saw price reductions.
10 models with the largest car price declines
Ford F-150 Lightning: -22.8% Mercedes-Benz SL-Class: -22.3% Ford Mustang Mach-E: -19.3% Ford E-Transit: -12.2% Kia Niro EV: -9.8% Kia EV6: -9.7% Chevrolet Bolt EUV: -8.7% Kia Rio: -8.5% Hyundai Kona EV: -8.4% Nissan Rogue: -8.4%On the other hand, some vehicles have seen price increases in the current market. Pickup trucks and commercial vehicles, in particular, have experienced significant gains. The Chevrolet Express van’s MSRP has surged by over 31%, closely followed by the GMC Savana Chassis van with a 28.2% increase. The Toyota Prius Prime and Mercedes-Benz Metris Van also saw notable price hikes. Conversely, the Toyota Tacoma had a modest increase of nearly 12%.
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