Are car prices going down in 2024? [Video]

WASHINGTON — Price increases for cars and trucks in the United States, which helped fuel inflation for nearly three years, are slowing and in some cases falling, helping cool overall inflation and giving frustrated Americans more hope of finding an affordable vehicle.

Behind the price slowdown is a vastly expanded number of vehicles on dealer lots after years of severe shortages. With more autos available, the pressures that had sent prices surging have eased. At the end of January, American dealers had 2.61 million new cars, trucks and SUVs on their lots, according to Cox Automotive. By contrast, the supply a year ago was just 1.74 million.

Though inventories of new autos are still well below the roughly 4 million level that prevailed before the pandemic, analysts and dealers say the rising availability suggests that 2024 will be the most …