New car prices are down as of April 2024 — here's why

Dealers are receiving more new inventory, causing new car prices to fall for some models. That said, EV price cuts are more aggressive than those for comparable gas models, and many vehicles saw significant price hikes in April 2024. CarGurus released its April Intelligence Report, which found that higher inventory levels and longer periods spent sitting on dealer lots have driven some new car prices down, but EV inventory and pricing are leading the way.

New prices declined 0.7 percent between March and April, while inventory levels improved by half a percent. Cars also sat on dealers’ lots for 77.5 days, up almost 30 percent from April 2023. Aiding the price cuts were the new car sales numbers, which fell by nearly eight percent in April.

The new vehicle with the largest year-over-year price cut was the Ford F-150 Lightning, which was listed at an average of $67,122 in April, down around 24 percent from April 2023. The six-figure Mercedes-Benz SL-Class dropped by 19.6 percent, and the Ford Mustang Mach-E’s list prices tumbled by 18.8 percent.