With an average U.S. new-vehicle selling price of just over $45,000 last month, many can’t afford to buy new — even though prices are down more than $2,000 from the peak in December of 2022, according to J.D. Power.
Saying cars aren’t improving in reliability, safety, and efficiency anymore is a bit of a simplification given the massive upheaval underway as the industry electrifies. BEVs are a massive step change in efficiency. My takeaway is just that shortages during COVID increased prices, coupled with inflation and high interest rates making the payments mind boggingly stupid as people are squeezed financially. I wish it was people driving less and riding ebikes more, but not sure any data points to that.
Saying cars aren’t improving in reliability, safety, and efficiency anymore is a bit of a simplification given the massive upheaval underway as the industry electrifies. BEVs are a massive step change in efficiency. My takeaway is just that shortages during COVID increased prices, coupled with inflation and high interest rates making the payments mind boggingly stupid as people are squeezed financially. I wish it was people driving less and riding ebikes more, but not sure any data points to that.