The high cost of new cars has bugged buyers—and investors—since the pandemic. Now they’re looking more affordable. The average cost of a new car is roughly $47,000, up about $10,000, or 33%, from 2019. But interest rates are off highs and the average price is down almost $3,000 from the peak.
Buyers can expect more improvement, says Rebecca Lindland, senior director of industry data and insights at Cars Commerce. “Almost half of shoppers plan to spend under $30,000 for a new car,” she says, but only 13% of new cars are priced under $30,000. And yet, “ is 63% better than last year at this time.” As production and inventory continue to recover, she sees a shift from a seller’s to a buyer’s market.
Companies Warren Buffett warned in his annual letter to Berkshire Hathaway shareholders that there were no transformative deals out there and “no possibility of eye-popping performance.” Still, the company reported strong earnings, including big gains in Japanese stocks...The Justice Department opened an antitrust probe into UnitedHealth. .. Microsoft invested in French AI company Mistral... Apple reportedly abandoned building an electric car. Its next big push: AI.
Next WeekTuesday 3/5 Fourth-quarter earnings season winds down, as more than 90% of S&P 500 index companies have already reported. Only a handful large-cap companies announce results this week, including Target before the opening bell on Tuesday, followed by CrowdStrike Holdings and Ross Stores after the market close. Broadcom, Costco Wholesale, and Kroger release earnings on Thursday.
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