Automotive analysis company TrueCar reports the price of new cars decreased slightly in April compared to March, but is still significantly higher than they were a year prior.
According to TrueCar's monthly transaction price figures, April new cars cost $30,303, down almost $500 from the previous month. However, this figure was still more than $1,200 higher than April 2011. In percentage terms, the price of a new car dropped 1.4 percent month-to-month but is still up 4.2 percent year-to-year.
Despite the drop in price, many automakers pulled back on incentives and special rebates, according to the news source. Ford and Nissan scaled back their offers by nearly 10 percent. Only a few automakers bucked the trend by increasing incentives.
"Incentives continued to decline for most automakers with the exception of Honda and Toyota as both are vying for recapturing their lost market share from last year," said Jesse Toprak of TrueCar.
Drivers considering a new car should ensure that their current vehicle is primed for trade-in. Getting a car tune up and taking care of a nagging auto repair can help drivers raise the price of their trades and take the sting out of new car prices.