Affordable Portfolio Boosts Sales

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affordability reshapes auto market

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future new car sales

Detroit Free Press

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Consumers shift to smaller, cheaper vehicles in 2024 as affordability reshapes auto market

Summary

Nutrition label

86% Informative

Cox Automotive: Consumers are shifting back to compact cars and small SUVs.

The subcompact SUV segment grew nearly a full percentage point in market share year to date compared with the same period a year ago .

The biggest driver in sales gains has come through leases rather than purchases.

General Motors will be the sales winner with a 4.2% increase in sales compared with 2023 .

Consumers' focus on affordability is expected to continue into next year .

Concerns that President-elect Donald Trump will put high tariffs on new vehicles made overseas.

A blanket tariff of 25% as Trump has threatened on goods from Mexico and China , could increase the cost of a vehicle by 40% .

Industry faces uncertainty over Trump potentially repealing the $ 7,500 consumer tax incentive in the Inflation Reduction Act on the purchase of many EVs.

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Neutral language

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formal

Language

English

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not offensive

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not hateful