Looking for a new car? Well, unless you need one, it’s probably not a good time to make such a large purchase. According to the research team at iSeeCars.com, the average price of a new car in February 2023 was 8.8 percent higher than the manufacturer’s suggested retail price, or MSRP. Ouch.
Still, this figure is far from the average price premium of 10.2 percent that dealers were asking for new cars in July 2022.
“The consistent trend of dealers asking prices closer to MSRP is slowly closing the gap between them,” noted Karl Brauer, executive analyst at iSeeCars.com.
Although the narrowing of this gap seems to indicate that the market for new cars is cooling, it will likely be many more months before iSeeCars.com can report that the average selling price of a new car equals, or even falls below, its MSRP. That said, if you can’t wait to buy a new car, then the data suggests you’re better off avoiding these 10 vehicles that had the biggest deltas between their average asking price and their MSRPs in February 2023 .