Bloomberg News reports that whether it is a new or used car, a pure plug-in, or gas-powered, in the recent months, the manufacturers’ retail prices (MSRP) on all automobiles in the United States have led to some serious sticker shock.
In April, the average price for a new vehicle listing was above $45,000 as per Cox Automotive, a number first recorded in September and at an all-time high at that point.
The prices have been reflecting low inventory across the United States, caused in large parts by the continued disruptions in supply chain flow. The overall supply of the available new vehicles that have not been sold was found at 1.13 million units towards the end of April, as reported by Cox, compared to 1.10 million vehicles in March. That amounts to approximately 8000,000 fewer vehicles compared to the same period in 2021 and 2.2 million less than what it was in 2020.
As per a recent report obtained from the Energy Innovation Policy and Technology LLC, which is a think tank for climate policy in several states across the number of models, electric cars were cheaper to buy compared to traditional gas cars. The report focuses on the terms related to financing electric vehicles and purchasing the same and the cost every month.
Bloomberg News reports that approximately 85% of the car buyers in the United States finance their vehicle purchases. In most of the states in the US, as per the findings in the report, an electric car might be cheaper monthly compared to a gasoline car. Orvis’s analysis looked at the cost of financing, state fees and taxes, tax credits, and state and federal rebates, especially the $7500 federal tax credit, maintenance costs, fuel costs, and insurance costs.
According to the analysis of Energy Innovation, the electric versions of Kona SEL and F-150 are cheaper to buy in every state across the country, on average 8.5% and 12.3%, respectively. Georgia is leading the list out of the states of least advantage for purchasing an electric vehicle, which has the highest annual tax on electric cars and no state rebate. And one of the most surprising finds in California offers many incentives related to electric vehicles, but the high electricity price usually offsets these.
Matt Haiken, the owner and principal dealer of the Prestige Collection Auto Group in the northern part of New Jersey, says prices of electric vehicles and financing options are even more competitive, given the shortages in supply coupled with lower inventories of the traditional gas cars.
