New Car Prices Surge 30% Since 2019 As Automakers Prioritize Lean Inventory And Profits | Carscoops carscoops
isn’t something that people I spend time with often do. In fact, they don’t even talk about aspiring to own a new car because prices are simply too high. While that might be an indication of one’s station in life, data is now backing up the idea that for most Americans, a new car is out of their budget.
That data comes from Cox Automotive, a company that calls itself the world’s largest automotive service organization. They do a lot of business surrounding the automotive market so they know a lot about pricing and trends. Cox says that the average monthly payment for a new car sits at $777, or almost double what it was in late 2019.
According to JP Morgan, the average price of a new car sits at around $50,000, or roughly 30 percent above what it was in 2019. What’s at the heart of such a gigantic jump? Well, the pandemic, the chip shortage, and other factors didn’t help, but by now many expected relief.“At the root of the problem is automakers’ new mantra: Keep inventory lean and price tags fat. Three years after the pandemic triggered a global shortage of semiconductor chips and crippled car manufacturing, Ford Motor Co.
Notably, it also points out that even though last year was the slowest in terms of total vehicles sold in the U.S. , in a decade, some companies, like and General Motors, saw financial gains. Ford saw a 4.4 percent rise in gross profit while GM’s adjusted earnings grew by some $200 million to a total of $14.5 billion.Moreover, things aren’t going back to the way they were before the pandemic in terms of pricing or inventory levels. That’s not us saying it, it’s the automakers themselves. “We’ll never go back to the inventory levels that we were at in the past,” saidJudy Wheeler, vice president of U.S.
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