Auto prices are cooling, but ‘we’re never going back to the old normal,’ expert says. Here’s what car shoppers can expect

While car prices are gradually decreasing from their peak, experts predict that they may never fully return to pre-pandemic levels.

This is due to factors such as rising production costs, increased technology in new car models, and a decreased supply of used cars resulting from lower production during the pandemic.

However, there is some cause for optimism in the car market.

Prices are coming down from their initial highs, and incentives and discounts are slowly making a comeback as inventory improves.

Additionally, interest rates are expected to drop this year, which could make financing a car purchase more affordable.

If you need to buy a car in 2024, experts recommend being patient and researching before making a decision.

Incentives tend to be more attractive between April and July, and dealers often offer better deals during holidays.

You may be able to find deals on used cars under three years old, and older used cars still hold their value due to the reduced supply.

Despite these positive signs, car prices are still higher than they were before the pandemic, and it’s important to be prepared for higher costs when purchasing a new or used vehicle.