Consumers may finally be nearing a breaking point as new vehicle prices continue to rise, causing a seismic shift in the marketplace as shoppers scramble to find the models they desire at prices they can afford—and that’s danger for the automakers.
That was the sobering message from Cox Automotive economists during a briefing for the media in Detroit on Monday.
The average sticker price for a new vehicle last year was $40,000 according to Cox senior economist Charlie Chesbrough who warned, “that’s a huge amount of money for most Americans.”
