Behind the price slowdown is a vastly expanded number of vehicles on dealer lots after years of severe shortages. With more autos available, the pressures that had sent prices surging have eased. At the end of January, American dealers had 2.61 million new cars, trucks and SUVs on their lots, according to Cox Automotive. By contrast, the supply a year ago was just 1.74 million.
Though inventories of new autos are still well below the roughly 4 million level that prevailed before the pandemic, analysts and dealers say the rising availability suggests that 2024 will be the most affordable year of the past five in which to buy a new car or truck.
“When the lots are empty, there’s not much of a bargaining position from a consumer standpoint,” said Glenn Mears, owner of a four-dealership group around Canton and Dover, Ohio. “But now that we have inventory, it’s much more competitive. Much more like it has been historically.”
The price spikes that followed the 2020 pandemic were caused mainly by a worldwide shortage of computer chips, which are vital to auto manufacturing and had forced plants to curb production. As vehicle availability shrank, prices soared. By 2021, some dealers had no new cars at all in stock. Many frustrated buyers turned instead to the used market. The resulting surge in demand for used cars caused those prices to surge, too, elbowing many people out of the auto market entirely.
But with computer chips now abundant, auto production is rising steadily, especially since the United Auto Workers returned to work after strikes last fall.
هذه القصة مأخوذة من طبعة March 02, 2024 من Techlife News.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 02, 2024 من Techlife News.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
EUROPE'S CYBERSECURITY CHIEF SAYS DISRUPTIVE ATTACKS HAVE DOUBLED IN 2024, SEES RUSSIA BEHIND MANY
Disruptive digital attacks, many linked to Russian-backed groups, have doubled in the European Union in recent months and are also targeting election-related services, according to the EU's top cybersecurity official.
T-MOBILE TO BUY ALMOST ALL OF U.S CELLULAR IN DEAL WORTH $4.4 BILLION WITH DEBT
T-Mobile is buying U.S. Cellular's wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry.
JUDGE WEIGHS PROPOSED CHANGES TO GOOGLE'S ANDROID APP STORE TO PREVENT ANTICOMPETITIVE TACTICS
Google is tried to confront the latest in a succession of legal attacks on its digital empire as federal judge began to address anticompetitive practices in the app market for smartphones powered by its Android software.
THE 'MAD MAX' SAGA TREADS (HARD-TO-FIND) WATER WITH FRUSTRATING 'FURIOSA'
At the beginning of \"Furiosa: A Mad Max Saga,\" we are introduced to a kick-ass woman who rides a horse, then a motorbike, nails a few bad guys with sharpshooting finesse and fights off a mob. But it's not Furiosa — it's her mom.
NORTH KOREAN ROCKET CARRYING ITS 2ND SPY SATELLITE EXPLODES SHORTLY AFTER LAUNCH
A rocket launched by North Korea to deploy the country's second spy satellite exploded shortly after liftoff Monday, state media reported, in a setback for leader Kim Jong Un's hopes to operate multiple satellites to better monitor the U.S. and South Korea.
NOT A GYM RAT? HERE'S HOW TO GET STARTED ON AN OUTDOOR EXERCISE ROUTINE
Between the sweat smell, fluorescent lights and omnipresent television screens, April Herring has never connected with going to the gym.
ARM OFFERS NEW DESIGNS, SOFTWARE FOR AI ON SMARTPHONES
Arm Holdings this week unveiled new chip blueprints and software tools to help smartphones handle artificial intelligence tasks, along with changes to how it delivers those blueprints that could help speed their adoption.
NVIDIA'S STOCK MARKET VALUE IS NEARLY $3 TRILLION. HOW IT ROSE TO AI PROMINENCE, BY THE NUMBERS
Nvidia's stock price has more than doubled this year as of the close of trading this week, increasing the company's market value by more than $1.3 trillion. Those numbers are headed higher again this week after the company reported better-than-expected quarterly results.
OPENAI SIGNS CONTENT DEALS WITH THE ATLANTIC AND VOX MEDIA
Sam Altman-led OpenAl said this week it has signed content and product partnerships with The Atlantic and Vox Media, helping the artificial intelligence firm to boost and train its products.
TOP APPLE EXEC ACKNOWLEDGES SHORTCOMINGS IN EFFORT TO BRING COMPETITION IN IPHONE APP PAYMENTS
Longtime Apple executive Phil Schiller last week acknowledged a court-ordered makeover of the U.S. payment system in its iPhone app store hasn't done much to increase competition a shortcoming that could result in a federal judge demanding more changes.