Used car prices have been high for a few years now, but thankfully, Michigan residents can expect to pay less for used cards in 2023.
A new report from Joseph Gunther IV at Gunther VW Fort Lauderdale explains that “as the demand stabilizes and the inventory improves, prices are expected to ease.” Thanks to these and other factors, Michigan car shoppers can expect to pay about 10% less in used car prices in 2023.
The current average price for used cars in Michigan is $33,597. But, Mr. Gunther says this price will drop to around $30,237 later this year. That’s a savings of around $3,360.
New car prices, however, are still very high. The average price of a new vehicle is currently $48,861. The high cost of new cards is because of the high cost of raw materials and the shortage of computer chips.
So, will prices go down more in the future? The answer to that question depends on factors such as the war in Ukraine and the chip shortage, according to Mr. Gunther. Find the full study here