If you need a new ride and can wait six months or longer, experts say chances are prices will come down a little, or at least they are unlikely to go higher.
But don’t expect drastic price reductions for new cars (or used) anytime soon, they said.
While shortages of various parts are starting to subside, allowing carmakers to add more new vehicles to inventories, supply chain problems persist just enough to keep levels lower than normal. There continues to be pent-up consumer demand for cars, even as some would-be buyers step onto the sidelines while interest rates rise.
Tyson Jominy, vice president of Data & Analytics at J.D. Power, said he expects prices will remain near record levels throughout this year and into next year.
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