ATLANTA–Several experts in the automotive field are predicting lower prices for vehicles lie in the future, which would be welcome news to many auto-shoppers.
"As sales decline somewhat and as inventory goes up, that's going to cause an easing of prices," Autotrader.com Executive Editor Brian Moody told FOX Business.
Sales have declined from an annual average number of 17 million automobiles in the U.S. to a forecast for 13.1 million sales in 2022.
Slowing sales, likely due to high prices and low inventory, could force car dealers to lower the lot price and offer a more affordable amount, Fox Business noted.
"The automakers want as much inventory as people will consume, so they don't want to have a limited inventory," Moody told FOX Business. "And as they move toward that, then we'll see an easing of prices just naturally."
One Dealer’s Experience
But one auto dealer said, for now, vehicles remain at a premium. Tomas Maoli, owner of Lexus of Route 10, told FOX Business that some buyers continue to pay well above market prices. The dealership had just two vehicles in its New Jersey showroom at the time or the interview.
Maoli told FOX Business that it recently sold a Lexus SUV Monday for $50,000 over MSRP.