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Business

Joe Hernandez

New car prices are cooling, but experts say you still might want to wait to buy

Kelley Blue Book Charlie Chesbrough

Potential buyers look at a 2023 Cooper Countryman S sports-utility vehicle on the floor of a Mini dealership on Friday, Feb. 17, 2023, in Highlands Ranch, Colo. (David Zalubowski/AP)

Some welcome news for potential car buyers: dealerships are taking their foot off the gas on new vehicle prices.

According to Kelley Blue Book, the average transaction price for a new car in July was $48,334, a slight dip from June and only a 0.4% year-over-year increase.

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