What’s Going On in the Automotive Market? A Summary

What’s Going On in the Automotive Market? A Summary

Key Points Overall, vehicle sales have had a positive uptick despite high price tags and interest rates Diminishing consumer power can potentially affect further sales this year onwards Car dealers and buyers need to be prepared for the uncertainties ahead of them There’s been a positive uptick in sales so far in 2023, and based on current estimates, it looks poised to keep going on this uptrend. In February, light vehicle sales saw an 8.5 percent increase (year-over-year), up 9.1 percent month-on-month from January; the … Read more

Is the Future of Electric Vehicles (EVs) Looking Bright?

Is the Future of Electric Vehicles (EVs) Looking Bright?

The Bank of America (BofA) noted that EV penetration hit an “all-time high” of 5.5 percent in 2022; sales had grown by 61 percent year-over-year (or 279,000 units) that’s helped by “robust growth” of 52 percent year-over-year (72,000 units) in the fourth quarter of 2022. With newer EVs planned to be released and the revision of the Inflation Reduction Act’s (IRA) “Clean Vehicle Credit” tax reliefs, it’s evident that EV penetration will increase over time. In fact, BofA believes that penetration rates will be up … Read more

What’s Going on with Tesla? On Price Changes and the EV Outlook

What's Going on with Tesla? On Price Changes and the EV Outlook

Earlier this February, Tesla Inc upped the price of its popular Model Y series after the government loosened regulations on electric vehicle tax credits that are part of the Inflation Reduction Act. This marked the second time prices were adjusted in two weeks – but that’s not the end of it. About a week ago, Tesla made yet another price revision for the Model Y performance crossover and the rear-wheel drive Model 3 sedan. The Model Y Performance saw a price hike of $1,000 to … Read more

Used Cars with the Biggest Price Drops

Used Cars with the Biggest Price Drops

iSeeCars released its study on used car prices in January this year. The report highlighted several interesting points, including used car models that saw the biggest price drops from 2021 to 2022 – some of which were rather surprising. In terms of “year-over-year differences” from 2021 to 2022, the average used car price in December 2022 saw a 3 percent price drop (equal to $1,043) compared to 2021. Contrast this to the September 2022 high of 7.8 percent (an increase of $2,414) compared to the … Read more

The Best Used Luxury SUVs You Can Get in 2023

The Best Used Luxury SUVs You Can Get in 2023

Recent reports indicate that used car prices have seen an increase of 2.5% in January this year compared to December 2022. This occurred owing to high demand for used cars and in part due to “seasonal adjustment.” It’s still too early to predict if prices will see a slow rise or continue to fall as was initially forecasted, so buyers ought to ensure they do their homework before they finalize a purchase for a used car they want. If you’re considering owning a used luxury … Read more

High Car Repossession Rates: A Concerning Situation

High Car Repossession Rates: A Concerning Situation

While we previously talked about flooded vehicles entering the used car market, repossessed cars are also making a big splash as more Americans struggle to repay their car loans. When the pandemic happened two years ago, car prices surged as manufacturers had to deal with the chip shortage and other issues. Meanwhile, people who were buying cars, new or used, had to tangle with a rise in financing costs: higher car prices meant higher loan amounts. Now, car repossessions are seeing an unexpected rise: the … Read more

The 7 Best Used Sports Cars Under 50k [2023]

The 7 Best Used Sports Cars Under 50k [2023]

With how car prices have been fluctuating lately, now might be a good time to consider buying yourself a car at a much more attainable price. It’ll still take a great deal of patience since prices haven’t dropped yet, but when it does, you’ll be really happy that you waited for that drop! If what we’ve said has you planning ahead for that long-awaited purchase, why not browse our list of the best used sports cars under 50k? You definitely won’t be disappointed with their … Read more

Caveat Emptor: Flooded Cars Entering the Used Car Market

Caveat Emptor: Flooded Cars Entering the Used Car Market

Both new and used car prices are beginning to dip gradually in 2023 as fears of a recession and rising interest rates are causing many Americans to stay frugal. Given how low interest rates have, among other reasons, helped with car buying decisions, it will be a while before prices begin to “normalize.” As it stands, prices for used cars are predicted to decline by 20 percent this year. While this does sound good for those looking to buy a car for cheap, it also … Read more

Take a Ride in the Fastest Sedans of 2023

Take a Ride in the Fastest Sedans of 2023

Are you a sports car enthusiast? If you are also a family man, looking for the right car might be tricky. You might need a reliable family daily driver, but you might also want something that goes fast and hard. Why compromise? Some sedans are oriented not only as great cars to drive and ride in but also provide a breathtaking experience in terms of acceleration and handling. We’ve helpfully compiled a list of some of the fastest sedans that money can buy this year. … Read more

5 of the Best AWD Sedans You Can Find in 2023

5 of the Best AWD Sedans You can Find in 2023

All-wheel drive (AWD) remains a popular feature for the added traction to the car’s wheels, making it easier to handle when inclement weather can affect a car’s handling on the road. Unsurprisingly, more automakers offer AWD in their cars, including budget-friendly and even luxury sedans. Thinking of getting one to handle the wintry roads of your city? Or maybe you’d want the better handling that AWD provides for some speedy cruising? You can’t go wrong with our list of the five best AWD sedans available … Read more