Where Are People Waiting the Longest to Buy a New Car?
Nobody should envy car shoppers right now. With production shortages ongoing, there’s never anything you want on the lot, and what is there is likely to be grotesquely overpriced.
This has encouraged consumers to wait longer before replacing their current ride, which is statistically likely to be far older than years past. But not everyone has the same level of patience or financial wellbeing, meaning certain parts of the country are seeing longer intervals between cars than others. There are also regional inventory disparities to account for, encouraging analytics firm Growth from Knowledge (GfK) to conduct an investigation into which parts of the United States are waiting for the longest to procure a new automobile.
AutoNation Wildly Profitable While Car Prices Are Grotesquely High
With automobile prices ballooning to egregiously high levels, one might assume that the industry would be in rough shape. But they’d be dead wrong. Supply chain disruptions have actually created a captive market where consumers are desperate to lay their hands on whatever products are available. In the automotive realm, this has allowed retailers to set ludicrous prices and rake in larger profits per transaction. While inflation may eventually catch up to these entities, the gravy train is currently parked at the station and dousing big business with its warm, brown effluence.
Nobody knows this better than the folks at AutoNation. Because the company just released a quarterly profit report that blew its rosiest projections out of the water. Net income its ongoing operations was $361.7 million for Q3 2021, double the $182.6 million witnessed in Q3 of 2020, while revenue rose 18 percent to $6.4 billion.
Corvettes Are Getting More Expensive Just in Time for the Holidays
As the media obsessively focuses on the upcoming, mid-engined C8 Corvette, the C7 languishes. Vette sales exploded in 2014 following the release of the seventh-generation model, declining ever since. Chevrolet only sold 25,079 Corvettes domestically in 2017 and, even though year-end sales aren’t yet in, General Motors looks ready to fall short of last year’s volume for 2018.
While it is not abnormal to see the popularity of a high-profile sports car wane in the years following a debut, it’s slightly less common to see an automaker increase its price without adding some new hardware — and that’s what General Motors is doing with the Corvette in 2019.
Here Are Your Hurricane Discounts for 2018
This time last year, automakers were busy offering discounts to Houston-area residents in the aftermath of Hurricane Harvey. With Hurricane Florence now leaving billions of dollars in damage in her wake, we appear to be settling into an new trend of annual incentives stemming from natural disasters. It’s like truck month for a very specific and unfortunate consumer group.
While none of the current deals are on par with replacing a vehicle obliterated by the storm, they are nice little incentives that could help influence your purchasing decisions. CarsDirect compiled a short list of the manufacturers offering discounts if customers can prove their automobile was lost to an Act of God this month.
2018 Chevrolet Traverse Priced: $1,280 Increase for the First New Traverse in a Decade
The first-generation Chevrolet Traverse was the fourth Lambda platform crossover to arrive, a value-oriented follow-up to the Buick Enclave, GMC Acadia, and Saturn Outlook.
The Outlook died with Saturn following the 2010 model year. The GMC Acadia has migrated to a slightly smaller segment — it’s now available with a four-cylinder engine and two rows of seats.
And after a lengthy first-gen run, the second-generation 2018 Chevrolet Traverse is finally upon us. We learned earlier in July that the Traverse would reach high up into GMC Acadia Denali and Buick Enclave territory. Now the configurator is live, and the $30,875 2018 Traverse L is $1,280 more costly than the most basic 2017 Chevrolet Traverse — only $1,660 more than the basic Traverse was in 2009.
2018 Ford Mustang GT Base Price Rises $1,900; Pricier Options Take the Bill to New Heights
The 2018 Ford Mustang GT, freshly facelifted and powered up, will cost you 6 percent more than the 2017 Ford Mustang GT.
The base price for a Ford Mustang EcoBoost falls to $26,085, a $610 drop as Ford eliminates the basic Ford Mustang V6 from the lineup and moves the EcoBoost downmarket to aid affordability. Now with 310 horsepower and 350 lb-ft of torque, the least expensive 2018 Ford Mustang is $400 more than the least expensive 2017 Ford Mustang.
But it’s the 2018 Mustang GT, now priced from $35,995, that’s growing increasingly expensive. A $1,900 jump is nothing to sneeze at, particularly given the speed with which the $40K barrier is now crossed.
Non-Shelby Mustangs can get pricey in a hurry.
Honda Ridgeline AWD Takes a Huge Price Jump for 2018 - Is Honda Shooting It in the Foot Again?
Suggesting that the automaker is “providing a more compelling value,” American Honda is removing the second-from-the-bottom RTS trim level from the 2018 Honda Ridgeline lineup and extinguishing the all-wheel-drive option on basic RT Ridgelines.
As a result, after a 2017 run in which all-wheel-drive Ridgelines could be purchased for $32,315, the 2018 Honda Ridgeline AWD now has a base price $3,695 higher than before.
How Do Americans Manage to Pay Record High Prices for New Cars in 2017? By Paying Forever
Yet month after month, for six consecutive months to begin 2017, automakers are witnessing fewer and fewer buyers walking into dealers after sales shot to record levels in calendar year 2016.
Incentives, at $3,550 per car, are an effective lure. But that doesn’t change the fact that buyers are paying, on average, $33,000 and borrowing, according to Edmunds, $31,000 in order to finance a purchase.
How do car buyers afford the highest prices on record? By stretching the payment period to the longest terms ever: 69.3 months in June, Edmunds says.
2018 Toyota Camry Prices and Fuel Economy Ratings - More Money, More Power, More MPGs
The 2018 Toyota Camry will be priced from $24,380, including delivery, when it goes on sale this summer — a $425 increase compared with the base 2017 Camry.
Riding on an evolution of the Prius and C-HR’s Toyota New Global Architecture, the 2018 Camry is an all-new design for the first time since the 2012 model year. Market positioning is key, even for a Camry that’s been America’s best-selling car for 15 consecutive years, as demand for midsize sedans is quickly falling and even Toyota is seeing greater interest in the RAV4 than the historically dominant Camry. With new competitors approaching from Honda and Nissan, Toyota isn’t fooling around with this hugely important launch.
All eighth-generation Camrys are equipped with an eight-speed automatic. There’s essentially no tangible weight increase. The Camry offers the most standard horsepower in the midsize segment, the optional 3.5-liter V6 now produces 301 horsepower, and all Camrys now include Toyota Safety Sense P with pedestrian detection, radar cruise control, lane departure alert with steering assist, and auto high beams.
Perhaps most notably, highway fuel economy jumps all the way to 41 miles per gallon; above 50 mpg for Camry Hybrids.
General Motors Incentives Skyrocket In November; GM Inventory Still Ballooning
General Motors moved to increase the average incentive spend per Buick, Cadillac, Chevrolet, and GMC vehicle by 36 percent in November in order to clear out an inventory glut that seemingly refuses to be cleared out.
According to Autodata, General Motors now has more than 873,000 vehicles in stock, nearly three months of supply. That’s 26 percent more inventory than at this stage of 2015, when industry-wide volume was pacing at roughly the same level as today, albeit with significantly less incentivization.
J.D. Power PIN data shows that General Motors spent $4,912 per vehicle sale in November 2016, a $1,302 increase compared with November 2015. According to TrueCar, industry-wide incentive spending rose 13 percent, year-over-year, a figure skewed by the dramatic increase at America’s biggest holder of market share.
2017 Chevrolet Camaro Range Expands, Sort Of, With Cheaper, Manual-Only Base Trim
Updated with comment from GM.
General Motors is adding a new 1LS base trim to the already on-sale 2017 Chevrolet Camaro to ensure more direct comparisons with the less expensive and more popular Ford Mustang.
The Chevrolet Camaro, powered by a huge incentive increase, narrowly outsold the Mustang in the United States this September. Prior to last month, the Mustang had been in the top spot since 2015, when Ford put an end to five consecutive years of Camaro sales leadership. Ford’s pony car has outsold the Camaro by a vast 32,723-unit margin through the first nine months of 2016.
Nissan Prices 2017 Titan Crew Cab V8 From $35,975, 2017 Armada From $45,395
Nissan’s second-generation Titan arrives in crew cab, V8 form with a U.S. base price of $35,975, including $1,195 for destination and handling.
A terribly long run for Nissan’s first full-size pickup truck effort resulted in only 471,242 U.S. sales between 2002 and 2015, roughly the total number of Ford F-Series pickups sold every seven months. Nissan has forged a unique strategy for the Titan’s relaunch, with the heavier-duty — though not quite Heavy Duty — Titan XD already on the market with a 310-horsepower Cummins 5.0-liter V8 diesel powerplant.
Now the regular-duty 2017 Nissan Titan is arriving in concert with an upgraded full-size pickup truck warranty that matches Nissan’s commercial van coverage: bumper-to-bumper, five years/100,000 miles.
European Prices For 2015 Ford Mustang Revealed
Europeans who are itching to saddle up the new 2015 Ford Mustang now know how much the price of admission will be to do so, and it’s quite the pretty penny.
Report: US Median Income Could Soon Outpace Falling Car Prices
Consumers looking for a new car may not need to take their wallets to the hospital afterwards should prices continue to fall and incomes continue to rise.