FROM CNN: Most new car buyers are now paying less than sticker price
Over the course of the last year, the percentage of new car buyers paying above MSRP dropped from 80% to 36%. Today’s shoppers have been able to scrape around $300 off of a vehicle’s average listing price, a far cry from the days of $2,000+ discounts.
FROM BUSINESS INSIDER: People aren’t leasing cars anymore — and it means higher prices and worse choices
Vehicle leasing has declined nearly 50% in the last two years. In a similar time period, the average leasing payment has increased by 33%, leading only 25% of lessees to lease again after their previous lease ends.
FROM CNBC: Even with used-car prices falling, buyers are still paying more than $7,100 above ‘normal’
The average price of a used car is still around 30%, or $7,000, higher than initial forecasts would have predicted. Modest production increases and leasing decreases are making it difficult for the market to come down from last summer’s increased prices of nearly $10,000.
FROM CBT NEWS: How to set expectations for your dealership in 2023 and beyond
As the automotive market shifts, dealerships should be reacquainting themselves with their pre-pandemic business strategies as well as adopting new, innovative solutions to better tackle the market head on.
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