High Prices Drive Car Shoppers To Think Smaller [Forbes]
General Motors Company (GM)
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Source: Forbes
Ed Garsten The Rolling Stones memorably sang “you can't always get what you want, but you get what you need.” But data coming from several sources reveals many car shoppers are not only not getting what they want, they're settling for vehicles that barely fit their needs, based solely on price. With average new vehicle transaction prices still hovering around $50,000, that's too rich for many consumers who may have had their eyes on a big pickup truck or full-sized SUV. So what's happening is, those who just need or want a new set of wheels are holding their noses and thinking smaller. Compacts sales expand “We can see sub-compact SUV, compact SUV and compact cars having the largest market share gains in 2024 combined,” said Charlie Chesbrough, senior economist at Cox Automotive , during the company's end of year presentation on Tuesday. “They increased total share by over 2% and what products lost? Mid-sized SUV, mid-sized and full-size pickups combined lost nearly 1.4% mark
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