It’s no secret that car prices have been on the rise for some time now. According to a recent report from AutoPacific, the Genesis GV70 and GV80 have seen an increase of 21.0% and 27.5% respectively since last year. Similarly, the Jeep Wrangler and Wrangler Unlimited have seen a 23.9% and 21.9% increase since last year. Cadillac CT5 and CT4-V have also seen an increase of 20.3% and 21.1%, respectively.
However, according to Ed Kim, chief analyst at AutoPacific, we shouldn’t expect a resurgence of inexpensive gasoline-powered vehicles.[0] Instead, carmakers are putting a lot of effort into developing more affordable plug-in electric vehicles. Therefore, while cheaper vehicles are on the way, they will be battery-powered and may take some time to get out into the marketplace.
NPR’s Camila Domonoske reports that carmakers are investing all this cash into making cheaper electric vehicles, and we should expect more affordable rides to come in the future. However, these vehicles will be powered by batteries, and it will take some time for them to arrive.
So, while cheaper cars are on the horizon, it will take some time for them to become available. This is Camila Domonoske[1]
0. “Why car prices are still so high — and why they are unlikely to fall anytime soon” NPR, 18 Mar. 2023, https://www.npr.org/2023/03/18/1163278082/car-prices-used-cars-electric-vehicles-pandemic
1. “Exploring the many reasons why car prices remain high” Wyoming Public Media, 14 Mar. 2023, https://www.wyomingpublicmedia.org/2023-03-14/exploring-the-many-reasons-why-car-prices-remain-high