New York Car Buyers Are Paying More for New Cars

Buying a car is getting more expensive. Kelley Blue Book says the average new car in the United States sold for $50,089 in August. That is the first time the average price has gone over $50,000 this year. These are national numbers, but New York car shoppers are feeling the same pressure.

New Cars Keep Getting More Expensive

The average new car price was almost 2% higher than it was one year ago. Small cars and SUVs also cost more. The average compact car sold for almost $28,000. The average small SUV sold for more than $31,000.

Car Deals Are Smaller

Car makers are not giving buyers as many discounts as they did last year. In August, the average discount was 6.5% of the car’s price. Last year, it was 7.2%. That can mean less money off the price of a new car.

Used Cars Are Selling Fast

Many people are looking at used cars because new cars cost so much, but used cars under $30,000 are in high demand. They are selling faster than more expensive cars. That can make it harder to find a good used car at a price that fits a family’s budget.

Electric Car Prices Are Dropping

Electric cars are one part of the market where prices have gone down. The average new electric car sold for $54,813 in August. That was almost 3% less than one year earlier. Electric cars also had bigger discounts than most gas powered vehicles.

Take Your Time Before You Buy

If you are shopping for a car, get prices from more than one dealer. Ask for the full price before you agree to buy. That price should include taxes, dealer fees, and extras. Try not to focus only on the monthly payment. A lower payment can mean you will be paying for the car longer and may pay more in the end.