New Car Prices Hit Record Highs
Talk about sticker shock!
Car prices are at their highest levels in history.
In May, the average price of a new car was $29,817 - up $608 from a year ago and $215 more than the previous month's prices.
Some manufacturers have raised prices more than others.
Ford's average price is $32,885 - a 5.2% increase from last year.
Hyundai and Kia have the lowest average prices with a current average of $19,217.
These nasty sticker prices reflect a tight supply for new cars thanks to the earthquake in Japan.
So what should a car buyer do? If you can wait, your best bet may be to buy at the end of the year when supplies are expected to be back to normal.
You can also look forward to lower prices on any leftover 2011 models.
My Recommendation for Car ShoppersTrueCar and Edmunds are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About: Gregg Fidan
Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
Latest Weekly Car Buying Tips RSS Feed