{"id":126761,"date":"2024-11-17T04:40:01","date_gmt":"2024-11-16T21:40:01","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=126761"},"modified":"2024-11-17T04:40:01","modified_gmt":"2024-11-16T21:40:01","slug":"if-you-havent-been-car-shopping-in-a-while-brace-yourself","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=126761","title":{"rendered":"If you haven\u2019t been car shopping in a while, brace yourself"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\">New York<\/span><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbqeem000m2cpb4qir6djz@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            It\u2019s called sticker shock. And if you haven\u2019t been to a dealer\u2019s showroom since before the pandemic, you might want to prepare yourself.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu00073b6m0t7mllsn@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Americans paid a whopping $47,612 on average for a new car in October, according to data from Edmunds. That\u2019s a jump of almost $10,000 from October 2019, ahead of the pandemic. That means new car prices have risen much faster than most goods and services.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hhtc7f00023b6mlmdvigzu@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The price jump has multiple origin stories: The pandemic snarled supply chains and limited essential car parts. Buyers increasingly prefer larger cars with more features, continuing the decades-long shift to bigger, more expensive SUVs and trucks.<strong> <\/strong>\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3j75hcc0000356omdvswdh9@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            But much of the reason Americans are paying nearly $50k for a car is that automakers decided to go all-in on expensive cars. The more they charge for a car, the more money they make off it.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000b3b6mu0h8s40l@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cYou\u2019d be hard pressed to find anything under $30,000 from an American automaker,\u201d said Ivan Drury, director of insights at Edmunds. \u201cThey\u2019re hacking away at models altogether, and basic trim levels, which are no longer the bulk of the business. They\u2019re raising the floor prices.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000c3b6mgin7yjil@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Today\u2019s cars come with all manner of driver assist features, including automatic braking, adaptive cruise control and blind spot warning systems.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hhfep100003b6mcp3ts2o6@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cPeople didn\u2019t know they wanted them (these features) until they had them,\u201d said Charlie Chesbrough, economist and senior director of industry insights at Cox Automotive. \u201cIt\u2019s a mix of what consumers want, and what industry is moving to. The market is abandoning the below-$35,000 price point.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hi204i00043b6mdi533ilo@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            There are also more electric vehicles, as well as growing demand for hybrids, both of which<strong> <\/strong>are more expensive than traditional gas-only cars.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000e3b6mylwqnepd@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The cheaper cars remaining<strong> <\/strong>are generally from foreign brands. The average price of a Nissan sold in the United States in the third quarter stood at $35,362, and that includes sales of its luxury Infiniti brand.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000f3b6mamnncbmq@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The traditional Big Three of General Motors, Ford and Stellantis, which sells under the Jeep, Ram, Dodge and Chrysler brands, have virtually abandoned the sedan market to focus almost entirely on SUVs and pickups.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hidv32000i3b6mfmtyeu2n@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Ford sells only one traditional \u201ccar\u201d these days, the Mustang, a two-door coupe<s> <\/s>rather than a family sedan. <em> <\/em>The last non-SUV or pickup Chevrolet will <a href=\"https:\/\/www.cnn.com\/2024\/05\/09\/business\/chevrolet-killing-off-chevy-malibu-sedan\/index.html\">roll off the line this month<\/a>.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hifoo3000p3b6mk6e1i7qb@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The exclusion of almost everything that isn\u2019t a big, high-riding crossover or SUV has already raised the average sales price to $50,922 at GM, $54,963 at Stellantis and $55,632 at Ford.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000g3b6m30z3muxn@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            While average prices are down $142 from a year ago, they could be heading higher soon.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hyqzix0000356middyvn7t@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            That\u2019s because<em> <\/em>high interest rates have kept prices in check the past couple years, Drury said. With the Federal Reserve hiking interest rates to a two-decade high to battle inflation, buyers had to spend more on their car loan payments. Now that rates are coming down, that frees up cash to spend on pricey features instead.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000i3b6m0t1aps8t@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The average rate on a new car loan \u2013 7% in October \u2013 is well above what it was early in the pandemic. The combination of higher interest rates and higher car prices, along with the biggest average loans ever taken out to buy them, lifted the average monthly car payment to $742 in October.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000k3b6mdzzu8x89@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cThe only thing that stopped it from getting any higher is interest rates,\u201d Drury said.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3gbrhiu000l3b6m3m1n8foa@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cIf money was a bit cheaper, we\u2019d be hitting $50,000 probably around now,\u201d he said. \u201cIf they can buy more car rather than spending more on financing, they\u2019re going to do it.\u201d<strong> <\/strong>\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hj4cwp00003b6mwrircrge@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            And prices could head even higher if President-elect Donald Trump follows through on threats to impose steep tariffs on imports, especially in the the auto sector.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hkm9xe00053b6mw4c0kxpf@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Details remain scarce, but even if tariffs are limited to finished cars, it could raise prices for cars built at US factories by reducing competition from lower-priced foreign models, said Jeff Schuster, global vice president of automotive research at consultant GlobalData.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3j1yg36000a3b6m0lqc8ff2@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In addition, many of the less expensive models available in US showrooms are imported here, from factories overseas or in Mexico.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3j19nzp00003b6mhfzur9y1@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            And it is possible the tariffs could also be slapped on auto parts. And that would make every car built in America more expensive, because no vehicle is made with 100% American<strong> <\/strong>parts.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3hkn5ly00083b6mrtvuvv0o@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cThose costs will be passed onto car buyers. They\u2019re not going to be absorbed by the automakers or suppliers,\u201d he said.<em> <\/em>\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/11\/16\/business\/50k-car-prices\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York CNN \u00a0\u2014\u00a0 It\u2019s called sticker shock. And if you haven\u2019t been to a dealer\u2019s showroom since before the pandemic, you might want to prepare yourself. Americans paid a &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=126761\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-126761","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/126761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126761"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/126761\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}