Buyers are shopping for cheaper cars. New-car prices are still near a record.
Source: Business Insider ·
Car shoppers are heading downmarket. At the same time, new car prices are just $52 away from a record high.
From the source
New vehicle prices are just $52 away from a fresh record high.FREDERIC J. BROWN/AFP via Getty ImagesShoppers are turning to smaller cars as gas and vehicle prices keep climbing.They're even willing to try out new car brands, Cox Automotive found.Still, car prices keep climbing and are nearing an all-time record.There's a tension playing out on American car dealership lots: Shoppers want cheap cars, but prices keep going up and up.That's what Cox Automotive found in its September numbers. Last month, the average new car transaction price was $50,562, a nearly 1% rise from the month before, and just $52 below a record high, the data firm found. The average price is up 0.7% from a year ago.At the same time, buyers are gravitating away from full-size segments toward more affordable options."Customers continue to show us that they're willing to adapt by either going to smaller vehicles, like sedans, or smaller-sized SUVs," Erin Keating, Cox Auto's executive analyst, told Business Insider.…