The auto industry has faced various obstacles, from tariffs and dips in electric vehicle demand to auto worker strikes. It has also been challenging for consumers as prices for used cars have been higher, though shoppers recently felt some relief. Cars Commerce Senior Director of Industry Data and Insights Rebecca Lindland joins Wealth! to give insight into the auto industry moving forward and what consumers need to keep in mind when shopping for vehicles.
On the shifts occurring in the industry, Lindland claims, "We do see some signs of stabilization. So when we look at particularly month over month, when we look at year over year, we are still seeing some large swings. But we’re grateful to see some stabilization here. One of the things that kind of keeps popping up, and we look at and say, this is our new normal, is high car prices."
She reminds consumers looking for a new vehicle to visit sites like Cars.com: "You can do some of the tools like payment calculators to figure out what really suits your budget. Keeping in mind that we’re seeing a bit of a shortage on the used car side with newer used vehicles because, as you said, more people are keeping their car longer and fewer people are turning in their leased vehicles. So we’re really seeing a shortage. We had softer sales in new car, and that’s feeding into a shortage in used vehicles as well. "
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