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To assess charging speed, analysts at Edmunds recently tested dozens of vehicles in the US by charging them from 10% to 80% at high-speed chargers. They then determined how long, on average, it takes to add 100 miles of driving, based on the real-world driving efficiency for each vehicle. Results ranged from less than 7.5 minutes for the Hyundai Ioniq 6 to almost 35 minutes for the Chevy Bolt EUV.
Subscriptions are shifting into overdrive in the auto industry. For certain Toyota vehicles, the remote start option comes at a price of $8 per month after the expiration of a free trial, while BMW charges $20 a month for enhanced cruise control on certain vehicles. Alistair Weaver, editor-in-chief at Edmunds, says automakers are counting on the new revenue stream to pay for the expensive transition to electric cars. "So if your car payment is 600 bucks a month, it's now $675," Weaver said. General Motors projects subscription fees to bring in as much as $25 billion a year by 2030. "Part of me says, 'Well, you've already bought the hardware...so just let me use it,'" Weaver said.
A new Edmunds EV charging test shows Hyundai, Kia, and Porsche electric cars top the list. In the “first independent measure of how quickly a car can add range to its battery,” Edmunds‘ new EV charging test establishes a new standard. The study shows the average miles per charging hour based on real-world testing and empirical data. In other words, you can see how many miles an EV can add in an hour of fast charging. The higher the miles per charging hour, the less time spent waiting.
Thanks to growing competition in the market, and some reticence from consumers, automakers and car dealers are offering huge discounts on electric vehicles, particularly luxury models. The ranks of eager early adopters, those who feel they must have the latest technology in their vehicles, by now already own EVs, said Joseph Yoon, consumer insights analyst at Edmunds. In September 2022, the average electric vehicle purchased in the United States, excluding Teslas, went for about $1,500 over sticker price. One year later, the average EV went for about $2,000 under sticker price, according to data from Edmunds. That’s a much bigger change — and a much deeper discount — than for the industry overall, which averaged $900 under sticker last month, according to Edmunds.
Interest rates average 7.4%, up 3 percentage points in just one quarter. High-interest rates plus still-high car prices mean the average monthly payment for a new car is the highest it’s ever been, at $736, according to Edmunds. The article offers expert consumer guidance on how to navigate the market in the current high-interest climate, including advice from Edmunds' consumer insights analyst Joseph Yoon: “Leasing gives you the flexibility to reevaluate the market in 2 to 4 years when interest rates may cool down."
The number of vehicles on dealer lots will shrink the longer the walkout goes on. Dealers are likely to lose incentives that the manufacturers pay them to boost sales by cutting prices. And consumers might make things worse with panic-buying. “Guys at the dealerships are going to tell you, ‘The UAW this and that,’ but their lots are full of cars now,” says Ivan Drury, the director of insights at Edmunds. He estimates that at current inventory levels and the pace of vehicle sales, most car shoppers shouldn’t notice much change for a couple of months. Vehicles from the Detroit Three sat in inventory an average 52 days before being sold in August, up from 31 days at the start of last year, according to Edmunds data.
On this episode, host Shyann Malone is joined by Edmunds’ executive director of industry insights Jessica Caldwell, where she discusses the current status of new and used vehicle sales and where she sees the business going in the coming months.
Edmunds assessed the most affordable EV leases in July through mid-August this year. Edmunds evaluated averages based on data from real-world transactions (as opposed to advertised deals.) The data is aggregated up to model level rather than individual trims.
Edmunds’ chief innovation officer Nick Gorton proposes two major benefits to the use of AI in the car buying space: a helping hand when haggling and a more personalized shopping experience. The online automotive company recently rolled out a ChatGPT plugin that enables drivers to take advantage of Edmunds’ expert advice, inventory data and shopping reviews powered by AI technology.
From muscle cars like Dodge’s Charger and Challenger to popular sedans like the Nissan Maxima, a handful of models are being discontinued for 2024. The reason for many of these models' end? The shift to electric vehicles, according to Will Kaufman, news editor at car research site Edmunds. “This is really this first big sort of changing of the guard moment for an established mainstream brand,” Kaufman said. “As more and more (electric cars) come out, the question is going to start being less if other nameplates are going to be discontinued to make more room for them, but when those are going to be discontinued.”
