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A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
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Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
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Overall conditions in February tipped slightly in consumers’ favor as prices stayed high, granting a reprieve of sorts just before the war on Iran commenced and started to reverse the welcome trend.
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The February average transaction price was well above a three-year average annual bump, but Cox analysts consider today’s prices to be on the normal side.
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GM says it sells the cheapest electric vehicle in the U.S. market. It explains how it made improvements to the entry-level EV while keeping its price down.
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Though some factors are against consumers, others balanced them out in January. Still, average monthly loan payments were up year-over-year, Cox Automotive said.
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Consumer bright spots don’t make up for erosion in other areas
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How dealers can help customers keep long-term interests in mind.
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Consumers get a three-fold break in October as affordability conditions take a turn for the better.
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Average payment at two-year low while income needed to buy the least in three-plus years.
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