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.