LANSING, Mich. (WLNS) – It’s no secret that vehicles used and new are more expensive than ever before largely due to the microchip shortage and supply chain problems.

Rental companies are buying up much of what is available for their fleet and many car lots are empty.

That has trickled down to used cars. The average price for one is $30,000, that’s a used car – not new!

But there may be some good news on the horizon. If you need a new or “new to you” vehicle, just hold out a little longer if you can.

It’s looking like these prices could start to come down in the year ahead.

“Our analysts are looking into 2023 that, you know, consumer demand has come down a little bit. New car production has come up a little bit, and they do expect to see some relief for a used car buyer as far as prices,” said Emilie Voss, Carfax Public Relations Director.

As the holidays approach this year, you may want to hold off on any plans to put a big row on a vehicle this year if you want to get a better deal.