Car Prices Rose Just 1% This Year
TOO MUCH INVENTORY HAS LED TO STEEP DISCOUNTS, KEEPING CAR PRICES FROM RISING MUCH DURING THE YEAR
(CNN) – It’s been a lousy year for car sales.
Kelley Blue Book is reporting the average price for a light vehicle is up just one percent.
Sales numbers are down more than two percent and vehicles are staying on lots longer.
That’s led to bigger deals and discounts as dealers struggle to clear inventory.
One bright spot is Hyundai Kia.
Thanks to new three-row SUV’s and electric vehicles, the company saw a 10% jump in prices this year.
Honda saw its prices fall by two percent in the U.S., but its Civic models stood out and managed to gain three percent.
The average price for a light vehicle last month was $38,393.