Consumers looking for a new car might find themselves in the driver’s seat when negotiating during the industry’s annual July 4th sales push.
With prices continuing to climb and competition from millions of leased cars returning to the market this year, slowing demand for new autos has resulted in dealerships eager to unload inventory.
“Dealers have too many vehicles on their lots compared to how many they’re selling,” said Ivan Drury, senior manager of industry analysis at Edmunds.com.
Source: Patrick T. Fallon | Bloomberg | Getty Images
The average price of a new car is now $36,902, compared with $32,113 in June 2014, according to Edmunds data. The average monthly payment is $562, compared with $476 five years ago.
And, consumers are stretching out the length of auto loans to afford new-car purchases: As of June, the average loan length was closing in on 70 months — two months shy of six years.
About 35% of new cars are priced below $30,000, compared with 54% in 2012, according to a…