SAN ANTONIO — Do not expect any huge price drops, but these items are likely to get a little bit lower this year:
New Cars
Finding and then affording a new car was difficult if not impossible the past few years. J.P. Morgan said the cost of a new ride could drop 5% in the new year.
“Cars aren’t exactly cheap to begin with," said Julie Ramhold, a consumer analyst with Dealnews.com. “Obviously we saw really inflated prices on used and new vehicles over the past couple of years. Now we’ve kind of gotten through some of the supply chain issues and the inventory shortages that were driven by certain products like the chip shortages and things like that have kind of leveled off.”
Used Cars
That means used car prices will also dip. J.P Morgan said to expect a 10-20% drop.
“People are going to be able to afford new cars again,” Ramhold said. “We’re also going to see an uptick in the availability of used cars once again just because people will be trading in older vehicles.”
Save more on both types of cars by shopping at the end of the month when dealerships need to meet sales quotas.
Gas
Gas is what makes cars go. The U.S. Energy Information Administration said gas prices will continue to drop in 2023. Yet, expect some price fluctuation throughout the year.
“We’re seeing a surplus come out of the refineries now, so that’s kind of contributing to lower prices in general. That’s also expected to continue as more and more of that surplus comes out,” Ramhold said. “In theory, I think they’re projecting that we’ll hit around $3 per gallon relatively soon. For some major metro areas, that’s going to be a pretty big relief.”
Save more by joining your favorite gas station’s loyalty program and using free gas price tracking apps like AAA, GasBuddy, or Upside.
Wheat
Groceries, overall, will ring up more in 2023 but look for a little relief on wheat products.
“We may see a slight drop,” Ramhold said. “Nothing astounding, but they’re expecting bushel prices to drop from $9 and change to $8 and change. That will trickle down to consumers at the grocery store.”
Save more by buying store-brand products and joining your store’s loyalty program.
Coffee
Caffeine addicts can celebrate 2023 with a slightly cheaper cup of joe.
“We had decent growing weather in the production areas this year, but also there’s actually less demand,” Ramhold said. “We have seen some people sort of embracing tea and alternative drinks, things like mushroom drinks that are supposed to give you all the pep of coffee without the jitteriness.”
Save more by buying in bulk and joining your favorite coffee shop’s loyalty program for discounts and freebies.
Patio Furniture
Also, likely to be cheaper in 2023 is patio furniture. Look at big box stores to save.
Dealnews.com looks at all the items that will be less expensive in the new year.
The savings will be huge, but these small price drops will give your budget a bit of breathing room.