New Car Prices Drop As Inventories Return To Normal
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DETROIT (WWJ) - Prices on new vehicles have dropped by about $500 in the past year after an earthquake and tsunami hit Japan last March and caused a shortage of vehicles being manufactured.
According to the Kelley Blue Book auto pricing service, models from Japanese automakers such as the Toyota Prius and Honda Accord have dropped the most, while Detroit’s models have seen a smaller price change.
“The average discount on a Ford, a GM or a Chrysler is only two to three hundred dollars on average, whereas these Japanese manufacturers are certainly on the higher end, and they’re discounted anywhere from seven hundred to one thousand dollars,” said Alec Gutierrez, Kelley Blue Book’s Senior Market Analyst.
Gutierrez said he is not expecting prices to fluctuate until November or December, when dealerships might lower prices on 2012 models to make room for the new vehicles for 2013.
Get more on this story CBS News.com.