The pandemic’s disruption of manufacturing supply chains, as well as outsized consumer demand in 2021, really put a strain on vehicle inventory and drove prices up significantly, said Yoon.
“Supply chain disruptions also forced manufacturers to prioritize more profitable, higher-trim vehicles in their lineups, which meant the inventory available to purchase also carried a higher sticker price.”
“Macroeconomic factors like inflation and higher interest rates are also reducing vehicle demand, but not enough to drastically drop car prices in the foreseeable future.”
But there are other reasons besides pandemic-related disruptions that there seem to be no more affordable cars in the U.S.—including that automakers are increasingly focusing on the production of expensive SUVs and trucks while dropping smaller, cheaper vehicles that would cost $20,000 or less.
“Manufacturers cite disappointing sales results as primary reasons for discontinuing smaller, more affordable vehicles from their lineup,” Yoon explained.
“But car buyers’ preferences have also shifted dramatically to larger trucks and SUVs in the past 10 years or so, and even more towards high-tech and comfort amenities in the form of cameras, sensors, radars and large infotainment screens,” he said.
The original article contains 758 words, the summary contains 186 words. Saved 75%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The pandemic’s disruption of manufacturing supply chains, as well as outsized consumer demand in 2021, really put a strain on vehicle inventory and drove prices up significantly, said Yoon.
“Supply chain disruptions also forced manufacturers to prioritize more profitable, higher-trim vehicles in their lineups, which meant the inventory available to purchase also carried a higher sticker price.”
“Macroeconomic factors like inflation and higher interest rates are also reducing vehicle demand, but not enough to drastically drop car prices in the foreseeable future.”
But there are other reasons besides pandemic-related disruptions that there seem to be no more affordable cars in the U.S.—including that automakers are increasingly focusing on the production of expensive SUVs and trucks while dropping smaller, cheaper vehicles that would cost $20,000 or less.
“Manufacturers cite disappointing sales results as primary reasons for discontinuing smaller, more affordable vehicles from their lineup,” Yoon explained.
“But car buyers’ preferences have also shifted dramatically to larger trucks and SUVs in the past 10 years or so, and even more towards high-tech and comfort amenities in the form of cameras, sensors, radars and large infotainment screens,” he said.
The original article contains 758 words, the summary contains 186 words. Saved 75%. I’m a bot and I’m open source!