Jun 13, 2024 - Business
Charted: Return of the lower-cost vehicle
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New-car prices starting with the number "2" are making a comeback.
By the numbers: Inventory of new vehicles on sale for less than $30,000 is up 88% over the last year, Cars.com reported today.
- Inventory of vehicles in the $30,000–$49,999 range is up 41.3%.
Context: Affordable new vehicles evaporated during the pandemic, when prices skyrocketed amid widespread vehicle shortages.
Reality check: New vehicles priced at less than $30,000 still represent only 14% of vehicle inventory, though that's up from 11% a year ago. And the under-$20K vehicle is gone.
The bottom line: Automakers are finally churning out some lower-cost vehicles now that production capacity has caught up to demand.
