As new and used car prices continue to drop and there's talk of the Federal Reserve lowering interest rates, some people might be considering buying that new or used vehicle they've put off for a while.

According to Edmunds.com data, the average transaction price of $47,616 for June was down 0.7%, or about $330, from $47,946 in June 2023. And car buyers are getting a bigger discount from the sticker prices. Edmunds' data showed the average manufacturer's suggested retail price was up 1.6% at $49,434 in June compared with $48,651 a year before, basically giving car buyers a $1,819 discount versus a $704 discount a year ago.

Prices are dropping for used cars, too. The average customer paid $27,277 last month compared with $29,573 a year ago, Edmunds data showed.

But as the year progresses

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