All articles tagged with #edmunds
A new report reveals that over 28% of car trade-ins in the US are underwater, with the average debt exceeding the car's value at $6,905, driven by rising interest rates, extended loan terms, and falling car values, indicating a worsening financial situation for American car buyers.
Edmunds reports that Memorial Day weekend auto deals are back in 2024 as domestic automakers' 2023 models have piled up on dealership lots, leading to significant discounts. The average discount for a 2023 model year vehicle is $4,147, with Dodge offering the highest discounts at $6,753 below MSRP. This marks a return to pre-pandemic inventory levels and discounts, driven by high interest rates affecting today's market.
A survey by auto comparison company Edmunds reveals a disconnect between what electric vehicle (EV) shoppers want and what's available in the market, leading to slower EV sales growth. The top desires of EV shoppers include lower prices, cars and SUVs over electric pickups, and EVs from trusted brands. The lack of EV options meeting these criteria has driven some consumers to opt for hybrids instead. EV sales are expected to pick up when auto companies offer the right vehicles at the right price points and when adequate charging infrastructure is in place, but for now, the EV market is predicted to remain slow.
Edmunds purchased a Fisker Ocean for $69,012 and found that its value depreciated by 69 percent to just $21,000 after only two months and 4,220 miles. The rapid depreciation, attributed to Fisker's financial troubles and software issues, far exceeds typical rates, making it unwise to buy a new Ocean at this time.
The used-car market is still experiencing historically high prices, with the average transaction price in Q1 at $28,381, up 44% from five years ago, according to a report from Edmunds.com. The available pool of cheap vehicles is dwindling, with only 30.6% of used vehicles sold for under $20,000 in Q1, compared to 60.5% in the same period five years ago. The lingering effects of supply chain shortages are to blame for high auto prices, and the new car market may offer some relief if sales stall out and automakers use incentives to move new cars off dealer lots, putting pressure on the used market.
The 2023 Dodge Durango may not have undergone a redesign since 2011, but it still has a wildcard factor that sets it apart from the competition, according to Edmunds. The SUV's Hell Cat engines, touchscreen, AWD, and low-range gearing make it a standout, but its poor fuel economy, lack of standard safety features, and bulky handling hold it back. Despite this, the Durango received an almost perfect score for being a wildcard, with a 9.0/10 rating. If you want a large SUV with a powerful engine that demands to be seen, the Dodge Durango is a solid choice.