Since 2019, the average price of a new car in the US has risen 30% to $50,000, according to statistics.
Leasing a used model would set the average American back $544 a month.The auto industry has yet to stock up on inventory and offer discounts as was common before the coronavirus pandemic, when a global chip shortage adversely impacted manufacturing.The result has been a boon to US automakers.In 2022, Ford said it made an adjusted profit of $10.4 billion, which was short of its forecasted sum of $11.5 billion. The company generated $44 billion in revenue — up from $37.7 billion in 2021.
While the semiconductor shortage has shown signs of easing in recent months, Detroit is focusing on keeping costs low. GM’s rival, Ford, is operating from the same playbook. Ford’s chief executive, Jim Farley, said his firm will also eschew the practice of building up large inventory and then offering customers discounts and incentives to clear it out.
Automakers reported Wednesday that they sold 13.9 million cars, trucks, SUVs and vans last year as the parts shortage limited factory output amid high demand for new vehicles. It was the lowest sales number since 2011 when the economy was recovering from the Great Recession.
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