The Car Market Takes a Massive Hit as Car Prices Are About to Drop by 70%

24Aug

By No Comments

Automobile

The Car Market Takes a Massive Hit as Car Prices Are About to Drop by 70%

The car industry in 2023 is undergoing a significant downturn unprecedented in recent history, with an intense price competition due to a significant vehicle surplus. Analysts compare this slump to the 2008 financial crisis, but with a more rapid price decline. The U.S. auto market faces a sharp price drop with cars previously being inaccessible due to high costs, exacerbated by issues like the COVID-19-related chip shortage. As a result, Americans are holding onto their vehicles longer, with the average car age reaching 12.5 years. The used car bubble has deflated, and new car prices are anticipated to decline significantly. This price decrease is further illustrated by brands like Tesla, which have cut prices in response to declining profits and market pressures. Kelly Blue Book data als...

17Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

17Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

17Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

17Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

17Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

17Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

16Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

16Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ

16Aug

By 10 Comments

Automobile

What Do an Uneven Car Supply and Rising Interest Rates Mean for 2023's Auto Sales? | WSJ

Rapidly rising interest rates have made monthly car payments more expensive for many buyers. At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk 0:00 Will 2023 be a boom or bust year for the car industry? 0:57 What rising car inventories could mean for the auto market 2:42 Why many vehicle prices aren’t exactly reasonable right now 4:25 What factors this year will affect car demand? 5:35 How 2023 could actually be a 'sweet-spot' year for the industry #Car #SupplyChain #WSJ