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The Latest Breaking News from Cox Automotive

Car prices are still high and they are unlikely to fall anytime soon

WEKU

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

The average new vehicle costs nearly $49,000, an almost $10,000 increase from before the pandemic. This is a look at today's deeply weird auto market.

WEKU

Car loan payments push Americans ‘closer to the financial edge’ with severe delinquency rate the highest in 17 years

More Americans are struggling to make their car payments.

Fortune

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Used car market flashing inflation warning

Used cars are not poised to benefit from stabilizing supplies in 2023.

Axios

Tesla slashed its prices across the board. We're now starting to see the consequences

Tesla's recent price cuts continue to reverberate, forcing Ford to follow suit while leaving Tesla owners feeling aggrieved. Here's how the move by the market leader has shaken the car industry.

WEKU

Tesla May Come Close To Its 50% Delivery Growth Guidance In US

Tesla sells more EVs in the US than any brand by a wide margin, but some fear it may not meet its goals for 2022. Cox Automotive expects it to come close.

InsideEVs

2 Auto Stocks to Tap the Breaks on Until Further Notice

The rising rates and high prices are hampering sales. Moreover, supply chain issues are still a concern in the auto industry. So, fundamentally weak auto stocks Lucid Group (LCID) and Mullen Automotive (MULN) might be best avoided now. Keep reading….

StockNews.com

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Auto review: 2022 Chevrolet Bolt EUV proves that Kermit the Frog was wrong

Many car buyers are considering electric vehicles, or EVs, for the first time and they’re facing more choices than ever. They are also facing sky-high prices. The average transaction price of an EV in July was $66,000 according to Cox Automotive. That makes the price of the Chevrolet EUV, a…

Tribune News Service

EXCLUSIVE: Michelle Krebs Of Cox Automotive Says 'If An Economic Recession Hits The US, Vehicle Sales Are Not Going To Be Affected Much'

The average price of a new automobile sold in America in June was $48,043, according to Kelly Blue Book, a Cox Automotive company. This is the highest average price ever and the first time it has been above the $48,000 mark.

Benzinga

Analysis: Could Elon Musk's Telsa Be Out Of Business Within 10 Years?

The second quarter of this year was a jackpot-smashing time for Tesla (NASDAQ: TSLA). According to data from Cox Automotive, Tesla was not only the top-selling brand in the U.S.

Benzinga

Lower production is driving up new car prices — and automakers' profits

We could be seeing the birth of a new business model, with lower production, higher prices and fatter profit margins.

Axios

Auto sales could hit below pandemic 2020 levels amid low inventory challenges

Low inventory levels led Cox Automotive analysts to again revise their full-year U.S. 2022 new-vehicle sales forecast downward.

Tribune News Service

New Car Monthly Payments Hit A New Record, At $712

It now takes 41.3 weeks of median income to purchase the average new car.

Motor1

How shoppers are shifting spending amid decades-high inflation

Consumers are cutting back on durable goods as energy and food costs cut into budgets.

Axios

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Tribune News Service

Ford reports 4.5% year-over-year sales decline in May amid industrywide drop

Amid a broader industry drop in auto sales for the month of May, Ford Motor Co. on Thursday reported that it sold 154,461 vehicles in the U.S. last month — down 4.5% from May 2021.

Axios

Car buyers balk at monthly fees for add-on features

GM predicts the average buyer will spend $135 each month on add-on features, but it could face resistance.

The Independent UK

Modest-income buyers being priced out of new-vehicle market

Two years after the pandemic tore through the economy, America’s auto market looks something like this: Prices are drastically up

Tribune News Service

Toyota poised for sales victory lap as gas prices boost hybrids

When Ian Campbell’s wife got rear-ended in her Honda HR-V last month, the Atlanta couple were thrust back into the new-car market — just as gasoline prices surged to more than $4 a gallon.

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