“There’s no doubt about it, 2023 was one of the most challenging years to buy a car, especially for more budget-conscious consumers,” said CoPilot CEO Pat Ryan. “Across most brands and segments, car prices have barely moved from the levels at which they started the year. When you also factor in multiple interest rate hikes, there were not many deals to be had for car shoppers.” Let’s not forget that so-called market adjustments continue to plague car buyers in America.
Between November 2019 and November 2023, the average new car price in America has risen nearly $10,000.
Other factors that have led to this are, as mentioned, the COVID-19 pandemic. Demand came to a near-standstill but suddenly picked up in 2021. With slowed production, manufacturers weren’t able to keep up with customer demand, partly due to supply chain disruptions.
