Why car prices remain so stubbornly high
2 years, 11 months ago

Why car prices remain so stubbornly high

CNN  

New York CNN Business — Relief from record high auto prices could be coming soon. Used car prices ended the year with an average price of nearly $30,000, up about $6,800 — or 29% — from a year earlier. Pat Ryan, founder and CEO of CoPilot, a car buying app, said that used car prices are already showing signs of decline. Jonathan Smoke, chief economist at Cox Automotive, also believes there will be only a modest decline in used car prices relative to the spike in 2021. All in, that means the average transaction price for new vehicles could continue to edge up, Smoke said, perhaps even faster than overall inflation.

Smoke Average Car Prices Used Car Prices  vehicles  high  price  stubbornly  buyers  remain  average  car  prices  decline  continue  used  cars

History of this topic

Automakers hit ‘significant storm,’ as buyers reject lofty prices at time of huge capital outlays
4 months, 4 weeks ago

Automakers hit ‘significant storm,’ as buyers reject lofty prices at time of huge capital outlays

Associated Press  

DETROIT — Investors are punishing automakers’ stocks this week after second-quarter earnings reports exposed industrywide issues of slowing sales and high prices, just as the companies are having to spend huge sums to make new electric and gas vehicles. Tavares said the company’s prices are too high, causing potential buyers to leave showrooms without hearing about low-interest financing and other …

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 …

Why car prices are still so high — and why they are unlikely to fall anytime soon
1 year, 9 months ago

Why car prices are still so high — and why they are unlikely to fall anytime soon

NPR  

Why car prices are still so high — and why they are unlikely to fall anytime soon Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images It has been nearly three years since auto plants around the world started to shut down because of the pandemic. Enlarge this image toggle caption Mario Tama/Getty Images Mario Tama/Getty Images Supply …

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 …

Auto prices finally begin to creep down from inflated highs
2 years, 1 month ago

Auto prices finally begin to creep down from inflated highs

Associated Press  

DETROIT — All summer long, Aleen Hudson kept looking for a new minivan or SUV for her growing passenger shuttle service. Hudson made her purchase just as the prices of both new and used vehicles have been inching down from their eye-watering record highs and more vehicles are gradually becoming available at dealerships. With higher prices and loan rates combining …

Auto prices finally begin to inch down from inflated highs
2 years, 1 month ago

Auto prices finally begin to inch down from inflated highs

LA Times  

Inflated car prices have begun to decline — but not by much. Hudson made her purchase just as the prices of both new and used vehicles have been inching down from their eye-watering record highs and more vehicles are gradually becoming available at dealerships. With higher prices and loan rates combining to push average monthly payments on a new vehicle …

Used car prices starting to fall for the first time in a year
2 years, 4 months ago

Used car prices starting to fall for the first time in a year

NL Times  

Second-hand cars have finally become cheaper again after more than a year of price increases, said sales platform AutoScout24. AutoScout24, which claims to be the online market leader in the Dutch car buying and selling market, said that now that people can finally enjoy summer without coronavirus restrictions again, it is obvious that they will spend more money on a …

Record used car prices: 10 best-sellers are up to 53% more expensive
2 years, 10 months ago

Record used car prices: 10 best-sellers are up to 53% more expensive

Daily Mail  

Britons face a cost of living crisis and used car prices escalating to unprecedented highs is yet another unwelcome financial burden on licence-holders. BMW 3 Series - 39% rise Sales in 2021: 175,190 Avg price Feb 21: £14,687 Avg price Feb 22: £20,369 £ increase: £5,681 The price of a used BMW 3 Series has increased by almost two fifths …

Here’s why car prices are so high, and why that matters
3 years, 5 months ago

Here’s why car prices are so high, and why that matters

CNN  

New York CNN Business — Maybe America’s key inflation metric, the Consumer Price Index, should be redubbed the Car Price Index. Used car prices are particularly hard hit because rental car companies, facing a near halt in demand last year, sold off about a third of their fleets to raise enough cash to survive the pandemic. That rush of sales …

Here’s why car prices have gotten so high, so fast. And why they’ll keep climbing
3 years, 6 months ago

Here’s why car prices have gotten so high, so fast. And why they’ll keep climbing

CNN  

New York CNN Business — Car dealer lots have only a fraction of the vehicles — both new and used — that they typically have. Michael Nagle/Xinhua/Getty Images “That puts wholesale used prices at the highest level they’ve ever been,” said David Paris of JD Power. “The typically buy 2 million vehicles a year, and that’s how many cars they …

Prices are surging. Here’s what is getting more expensive
3 years, 6 months ago

Prices are surging. Here’s what is getting more expensive

CNN  

New York CNN Business — By now, you probably know that everything is getting more expensive. From furniture, to used cars, to uncooked beef roasts, consumer prices have grown steadily since January as the economy recovers and Americans are spending money again. Overall, consumer prices rose 5% last month over the previous May – the biggest jump since the summer …

As chip shortage goes on, cars are scarce and prices are up
3 years, 7 months ago

As chip shortage goes on, cars are scarce and prices are up

Associated Press  

DETROIT — For the next few months, Charlie Gilchrist figures his 11 car dealerships in the Dallas-Fort Worth area will sell just about every new vehicle they can get from the factories — and at increased prices. It will still fall during the next two or three months.” The across-the-board surge in auto prices contributed mightily to last month’s jump …

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. …

Inflation: Used cars, travel and furniture are just some of many things that are getting more expensive
3 years, 7 months ago

Inflation: Used cars, travel and furniture are just some of many things that are getting more expensive

CNN  

New York CNN Business — Just about everything is getting more expensive in the United States as the stimulus-fueled economy rebounds and Americans are again spending on shopping, traveling and eating out. Stripping out more volatile food and energy prices, core inflation was 3% in the 12-month period through April, the biggest increase since January 1996. Inflation accelerated because “the …

Here’s why car prices are at record highs - and rising
3 years, 8 months ago

Here’s why car prices are at record highs - and rising

CNN  

New York CNN Business — Car dealer lots have only a fraction of the vehicles that they typically have – both new and used. Justin Sullivan/Getty Images “That puts wholesale used prices at the highest level they’ve ever been,” said David Paris of JD Power. “And we are seeing used retail prices accelerating rapidly.” It’s a 180-degree turnaround in the …

A Pandemic Sticker Shock: Used-Car Prices Are Through The Roof
4 years, 1 month ago

A Pandemic Sticker Shock: Used-Car Prices Are Through The Roof

NPR  

A Pandemic Sticker Shock: Used-Car Prices Are Through The Roof Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images Aaron Springer of Odenton, Md., wasn't looking to sell his 2014 Volkswagen Jetta SportWagen, which he bought used a couple of years ago. Springer's experience is exceptional, but it's also a sign of the times: Prices for used cars, …

Discover Related