Monthly car payments have crossed a record $700. What that means
2 years, 5 months ago

Monthly car payments have crossed a record $700. What that means

NPR  

Monthly car payments have crossed a record $700. The average monthly car payment crossed $700 a month earlier this year, the highest on record, according to Cox Automotive/Moody's Analytics. "I joke with people that every new car purchase is a luxury car purchase, I don't care what you're buying," says Ivan Drury, senior manager of insights at the car buying expert Edmunds. Enlarge this image toggle caption Bill Pugliano/Getty Images Bill Pugliano/Getty Images That also means that automakers have been making fewer compact cars and sedans, the more affordable vehicles. Drury says get used to these prices: "We're not going to see a sudden drop-off in price anytime soon, because there doesn't seem to be any resolution for the chip crisis."

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History of this topic

Lower auto prices are giving Americans a break after years of inflation
9 months, 3 weeks ago

Lower auto prices are giving Americans a break after years of inflation

Associated Press  

DETROIT — 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. In January, automaker discounts on new vehicles, including rebates and low-interest financing, averaged $1,469 per vehicle — five …

Lower auto prices are finally giving Americans a break after years of inflationary increases
9 months, 3 weeks ago

Lower auto prices are finally giving Americans a break after years of inflationary increases

LA Times  

Automobile prices, which had been fueling inflation in the U.S., are starting to drop, helping to slow overall consumer price increases and giving buyers hope of getting a deal. Even with prices edging down, Ivan Drury, director of insights at Edmunds, doesn’t foresee sales of new vehicles rising dramatically this year. Unlike with new vehicles, there’s still a limited supply …

Just 8% of new cars cost under $30,000 amid 'least affordable car market in modern history'
1 year, 5 months ago

Just 8% of new cars cost under $30,000 amid 'least affordable car market in modern history'

Daily Mail  

Cars costing under $30,000 make up just 8 percent of the market - down from 38 percent before the pandemic. The average cost of a new car in May, according to Edmunds, was $47,892 - up from around $37,000 in 2019 Cars costing under $30,000 make up just 8 percent of the market - down from 38 percent before the …

Used car prices rise to new record in December
1 year, 11 months ago

Used car prices rise to new record in December

NL Times  

The average price for a used car rose to a new record high in December. Automotive branch organization BOVAG also said it observed the continued rising prices for second-hand cars. Furthermore, the sales of new vehicles were under pressure last year due to a worldwide shortage of computer chips compounded with delivery problems. According to Autoscout24, the prices for used …

$29,000 for an average used car? Would-be buyers are aghast
2 years, 11 months ago

$29,000 for an average used car? Would-be buyers are aghast

Associated Press  

DETROIT — A couple of months ago, a woman paid a visit to Jeff Schrier’s used car lot in Omaha, Nebraska. “It’s quite frustrating for so many people right now.” When the government reported that consumer inflation rocketed 6.8% in the 12 months that ended in November — the sharpest jump in nearly 40 years — the biggest factor, apart …

Why Used Car Prices Went Absolutely Insane Last Month
54 years, 11 months ago

Why Used Car Prices Went Absolutely Insane Last Month

Slate  

You thought the price of wood was nuts? After cooling off a bit from a surge last year, the cost of used vehicles suddenly shot up 10 percent in April alone, according to the Bureau of Labor Statistics’ official inflation report on Wednesday. That’s pushed up sticker prices in the new car market and nudged more shoppers toward preowned vehicles. …

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