The start of the typically strong summer buying season has brought with it some great news for U.S. car buyers. According to a variety of sources, prices are tumbling on both new and used vehicles – especially those Japanese offerings that were in short supply last year in the week of that country’s devastating earthquake and tsunami.
While prices vary by model and manufacturer, you can expect to pay about $500 less for the typical new car, truck or crossover than you would have for the same product a year ago, according to research by Kelly Blue Book.
Meanwhile, after a record run-up in pricing during the winter and spring, used car prices also appear to be on the decline.
Some of the biggest discounts, the tracking firm reports, come on Japanese models like the Honda Civic and even the Toyota Prius. But that may be a bit misleading. Following the March 2012 natural disaster, most Japanese products were in short supply, leading makers to trim back rebates and other discounts – effectively raising prices. Those givebacks are now getting back to more normal levels, Bob Carter, head of the Toyota division, tells TheDetroitBureau.com.