Meanwhile, automakers in 2022 found value in lower sales volumes at higher prices.
fell 0.1% in December versus November, the Labor Department reported Thursday. That’s the good news. The bad news is that the Federal Reserve’s aggressive quarterly hikes in base interest rates can make your second most-expensive purchase as hard to achieve as buying a house.
, a leading inflation item over much of 2021, continue to drop like a crushed car at a junkyard, falling 2.5% from November to December, for an annual decrease of 8.8%.led last month’s CPI relief. Prices at the pump fell 9.4% month-over-month in December, for an annual decrease of 1.5%.AAA reports regular unleaded averaged $3.272 per gallon nationally on Thursday, 2.9 cents lower than one year ago. Gas prices that began to spike last month have “stalled since the holidays,” the association said.
Auto sales mix helps account for those price increases, with SUV and EV market share up, and commodity brand sedans down, says Charlie Chesbrough, Cox Automotive’s chief economist. Cox says US Toyota inventory is lowest among all brands at roughly 26 days’ supply . The average among all brands is nearly 60 days, and Buick dealers are flush with inventory at more than 130 days’ supply.This still adds up to a sellers’ market, Cox says, with price incentives and negotiating “still way down.” Detroit brands have learned incentive and discount discipline, and now have average transaction prices in line with foreign-brand competitors selling at or near MSRP.
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