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"Behind the vehicle shortage and inflated prices is simple supply and demand. Much of the problem stems from the surging prices of new cars. In February, according to Edmunds, the average new vehicle in the United States sold for nearly $48,000 — beyond the reach of many consumers."
"Fueling an EV is cheaper, too: Edmunds.com data pegs the cost of driving a Model 3 Performance at $97/month compared to $238/month for an average midsize car in California. Electricity is much cheaper than gas. EV drivers pocket the difference, saving thousands of dollars."
The update from Elon Musk's car company comes as the White House rolls out new measures to expand EV charging across the country. "I think Tesla understood that $7.5 billion is an awful lot of money, and if they can grab a significant chunk of that, then that's great news for them, but then that does have to be offset against the fact that they're giving away what most people see as their critical advantage," explained Alistair Weaver, the editor-in-chief at Edmunds.com.
"We all know that 2022 was a tough year if you were looking to buy a car. New cars were scarce and old cars were expensive. But how will things shake out in 2023? 'I know a lot of people were searching in 2022, they come to find out that the cars they thought were on a dealer’s lot, they weren’t or were in transit. You get to the lot, there’s nothing there… you see the employees’ cars and not the cars for sale,' said Edmunds' director of insights, Ivan Drury. Drury said that things are slowly getting better, but don’t expect to find everything you want right away."
"Taking the time to compare financing options before you decide on a vehicle can help you determine which of your options is the best route to take long-term, how that payment will factor into your monthly budget, and how long it will take you to repay that loan at the current rate. 'Other options to think about is to secure financing outside of the dealership,' says Joseph Yoon, Edmunds' consumer insights analyst. 'Say you’ve been going to the same bank for a while, or there's a local credit union that's running some special interest rates for new car purchases, I think that's a good way to kind of flip the table in your favor just a little bit, even if it's by a couple points because it adds up.'"
"Edmunds' director of insights Ivan Drury explains that the inflated new and used vehicle prices we saw the past year combined with the recent decreases in used vehicle prices translates to a classic 'negative equity' situation, in which the value of an asset used to secure a loan is less than the outstanding balance on the loan. 'We are only seeing the tip of the negative-equity iceberg,' with car prices, especially used car prices, expected to keep dropping, said Drury. "
"For an increasing number of drivers, that’s the reality. A record number of Americans are paying at least $1,000 a month for their vehicles, according to new findings from the auto inventory site Edmunds. Nearly 16% of car buyers who financed a new vehicle in the fourth quarter of 2022 have monthly payments reaching four figures. That share of car buyers more than doubled in two years. Even used car buyers aren’t totally safe. More than 5% of buyers who financed a used vehicle in late 2022 are paying at least $1,000 a month, according to Edmunds. That number more than tripled in two years."
"Edmunds' director of insights Ivan Drury offers five key tips for consumers in the used car market. Among the suggestions: 'Don’t be afraid of the 100,000 mileage marker on your odometer,' Drury said. Because durability has improved significantly over the last decade, '100,000 is not the mileage threshold it used to be.'"
"Electric vehicles, or EVs for short, have been the hot car commodity for 2022. Their sales were up nearly 82% from 2021 and now make up 5% of the total market, according to Edmunds data. But many prospective buyers have questions and reservations about this new technology. With this in mind, here are answers to the top questions that EV shoppers at Edmunds want to know before deciding on a purchase."
"The Lexus RX 350 has consistently been one of the best-selling midsize SUVs and a leading model for the Lexus brand. So when a new RX is released, there’s understandably a lot of interest from SUV shoppers. The redesigned 2023 RX 350 gets a new engine, improved technology and a more luxurious interior. But is it enough to elevate it to the top of the class? The experts at Edmunds compared it to their No. 1 pick in the midsize luxury SUV category, the Mercedes-Benz GLE 350, to find out."
