High 2024 New Car Prices Turn More Buyers to Used Cars

Nov 4, 2024 · Even Some High-Income Americans Can’t Afford New Cars Anymore Soaring prices push buyers to previously owned vehicles, as more than half of new models go to the …

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Growing New Car Affordability Crisis: Consumers Want More, But …

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Nov 5, 2024 · While new car prices continue to climb, the average price of a used car has declined 6.2% year over year to just over $27,000—roughly $20,000 less than the price of a …

yahoo.com

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Car Shoppers Are Facing Sticker Shock On All Fronts These Days.

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May 16, 2023 · A whopping 94% of all large SUVs, like the GMC Yukon, are now selling for over $60,000. GMC. The automotive industry is facing an unprecedented affordability crisis just as …

forbes.com

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Automakers Hit 'significant Storm,' As Buyers Reject Lofty Prices At ...

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Jul 25, 2024 · It has subsided to $27,277 in June as new vehicle prices started to fall, Edmunds said. Stellantis’ earnings were crimped by a poor performance in North America. Tavares said …

apnews.com

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New Research From Edmunds: Affordability Concerns Among …

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Sep 11, 2024 · The market reality: 60% of new-car buyers financed their vehicles at an APR between 4% and 9%. The average annual percentage rate (APR) for all financed new vehicle …

edmunds.com

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Auto Industry Sees An ‘affordability Shift’ In Car Sales

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Oct 22, 2024 · The trend is being led by people who feel they can no longer afford a new vehicle that would cost them roughly today’s average selling price of more than $47,000—a jump of …

fastcompany.com

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Uncharted Territory: Edmunds Forecasts 16.2 Million New Vehicle …

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The average transaction price (ATP) for new vehicles was $47,465 in 2024, a 0.8% decrease compared to $47,851 in 2023, and a 27.2% increase compared to $37,310 in 2019. ...

edmunds.com

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Affordability Crisis: 'Alarming' New Car Prices Push Bay Area Buyers ...

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This year, used car sale prices fell slightly to $30,377 in the Bay Area, while new cars took a big jump to $52,841 — probably driven in part by the popularity of relatively expensive EVs, Moody ...

msn.com

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Affordability Crisis: 'Alarming' New Car Prices Push Buyers Toward …

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5 days ago · Affordability crisis: 'Alarming' new car prices push buyers toward used vehicles, but they're pricey, too. Ethan Baron, ... Those sky-high costs — averaging more than $50,000 in …

arcamax.com

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More Consumers Are Buying Cars They Can't Afford - Autoblog

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Oct 8, 2024 · The average transaction price for a new car this summer was $47,716; that’s a nearly 30% jump compared to just five years earlier, according to Kelley Blue Book. And …

autoblog.com

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Affordability Crisis: The Vanishing Sub-$25K Models And The

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Mar 4, 2023 · Affordability Crisis: The Vanishing Sub-$25K Models And The Surge Of $60K-Plus New Cars In 2017, buyers could choose from 36 models that cost less than $25,000. In 2022, …

carscoops.com

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Lower-priced New Cars Are Gaining Popularity, And Not Just For Cash ...

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Oct 22, 2024 · To buy a new car at that price, an average buyer would have to spend $737 a month, if financed at today's average loan rate of 7.1%, for just under six years before the …

independent.co.uk

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North Bergen Njtransit Park And Ride. : R/newjersey - Reddit

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North Bergen is a gated park and ride, $10 includes parking for one car (max 24 hrs) and one round trip ticket to/from NYC (perforated down the middle). There is a discounted combo …

reddit.com

FAQs about High 2024 New Car Prices Turn More Buyers to Used Cars Coupon?

Why are new car prices so high?

New-car prices have been so high lately that about 60% of shoppers now say they’re worried they can’t afford a new vehicle. That's according to a report released Thursday by research company GfK AutoMobility, which explored how buyers are coping with surging car costs. ...

Will new cars hit the used-car market in 5 years?

In five years, many now-new vehicles will hit the used-car market, boosting supply and bringing better deals, Moody said. Grey, the San Jose buyer, said uncertainty about future car prices made him glad he had found his Pathfinder, which has plenty of room for him, his wife and four grandchildren. ...

Are pre-owned car prices trending back down?

But because the price of used cars flows from the cost of new ones, pre-owned vehicle prices "are not going to be trending back down," Caldwell said. Meanwhile, auto insurance rates that jumped 24% last year are on a similar trajectory this year, according to insurance comparison firm Insurify, and have become a crucial factor for many buyers. ...

Is the auto affordability crisis putting a new model in the driveway?

Soaring housing and grocery costs get most of the attention in the inflation debate that’s become a flash point in the presidential election. But the auto affordability crisis is laying waste to a fundamental aspiration of American life: a new model in the driveway. That’s now becoming the domain of only the wealthy. ...

Are used cars falling out of the new-car market?

Used cars at a dealership in Indianapolis. Photographer: Jonathan Weiss/Alamy Car buyers across America—even those with comfortable incomes like Levine—are dropping out of the new-car market. The pandemic supply shortages that drove sticker prices skyward are in the rearview mirror, but the cost of a new set of wheels continues to climb. ...

Are Bay Area residents heading into an affordability crisis?

Bay Area residents wanting — or needing — to buy a car are steering this winter into what experts call an affordability crisis. "The price of new cars, in general, has become alarming for a lot of people," said Brian Moody, executive editor of Autotrader.com. ...