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General Motors is hoping to grab a bigger share of the market for luxury electric vehicles. To that end, it just unveiled a souped-up version of its Cadillac Lyriq-V SUV. But when the average price of an EV already tops $50,000, is there much of a market for something even pricier? The price of this Lyriq EV starts at $80,000. Hardly a bargain. But in the EV world, luxury is in. But there are limits. Jessica Caldwell, head of insights at Edmunds, said the market for EVs selling for a $100,000 or more is really quite small. “A $100,000 EV is not going to be selling like hotcakes. It’s just — no one can afford it,” she said. Caldwell estimates that EVs with six-figure price tags are just a fraction of the market. Probably less than 1% of all vehicles sold.
Is there a market for luxury EVs? GM thinks so. - Marketplace
Indeed, the evidence that automakers are hoping to reshape drivers’ intimate relationships with their cars was all over Las Vegas. “It was a theme across CES: You’re talking to a machine. You’re not connecting to humans,” says Jessica Caldwell, the director of insights at Edmunds. “Everywhere you look, there are robots.” Many automakers and suppliers rolled out experiences and design updates laser focused on adapting to drivers’ preferences through software systems and interiors—and finding new ways to make them happy inside the closed (and maybe lonely?) cabin.
Can Your Car Be Your Friend?
The number of new-vehicle buyers with payments of $1,000 or more is at an all-time high, according to Edmunds.com, a car-shopping website. In its fourth-quarter report, Edmunds found they represented 18.9 percent — or nearly 1 in 5 — of such borrowers. This share has been steadily increasing; it was 17.4 percent during the preceding three-month period. There were a lot of concerning developments in the Edmunds data, which is based on aggregated information from hundreds of thousands of transactions at dealerships across the country.
Column | More people than ever pay $1,000 a month for cars. You can avoid that.
Ivan Drury, director of insights at Edmunds, said if Trump eliminates the federal tax credits on EVs, there is one company that will largely benefit: Tesla. "Tesla is the brand people associate with EVs. Everyone knows it and people trust Tesla for electrification," he said. Drury also said the bar may still be high for some consumers to snag a 0% financing deal. "There are more leasing opportunities now than versus a few years ago," he told ABC News, adding that brand-new EVs are sitting on lots even with heavy incentives from automakers. If you're seriously debating getting an EV, now is the time, Drury recommended.
Why consumers could score big on new vehicles in 2025
State-of-the-art technology and luxury make trading in your clunker for a new car very tempting. But experts say crunch the numbers first. Edmunds’ head of insights, Jessica Caldwell, weighs in on rising levels of negative equity and what consumers need to consider before dipping their toes back into the car market.
Why experts are telling people not to trade in their cars right now
For those who really want to go electric but have been dragging their heels on making the big purchase, there may be no better time than now. “Your safest play is sooner than later,” says Ivan Drury, the director of insights at Edmunds, a US auto information resource. "There's nothing pointing toward additional subsidies.” Edmunds data shows that, in October, 79 percent of electric vehicles acquired at dealerships were leased. EV hesitaters might also go for an even shorter experiment: rental. “Rent one for a week,” recommends Edmunds’ Drury. That's probably enough time to figure out whether an EV is right for you.
The EV Buyer's Guide to an Uncertain Future
Live from the Los Angeles Auto Show floor at the LA Convention Center, Alistair Weaver, Edmunds’ editor-in-chief, helps KCAL9 preview one of the world's largest auto and mobility shows, taking place Nov. 22 through Dec. 1.
It's the festival of cars: A preview of the 2024 LA Auto Show
Notably, Trump also said on the campaign trail that he would consider ending tax credits for electric vehicles, which have meaningfully reduced the cost of EVs. Currently, buyers who meet income-eligibility requirements can claim up to $7,500 for eligible new EVs or up to $4,000 for eligible used EVs. “These policies will not likely change overnight, but consumers who were planning on taking advantage of EV tax credits and reduced costs might consider moving up their purchases a bit sooner,” Edmunds’ head of insights, Jessica Caldwell, said in a statement. “Between manufacturing reductions and a potential elimination of the EV tax credit without a known substitute, EV supply could dip and drive costs back up.”
https://www.marketwatch.com/story/what-a-second-trump-term-means-for-car-prices-and-electric-vehicles-67d402d6
An EREV is a kind of PHEV that's closer to a full electric—and drives like one. An EREV also has an electric motor and a gas engine, but the battery is usually bigger, and the gas engine doesn’t drive the wheels. Instead, the engine can recharge the battery, working as a small generator to give it extra mileage on the go. EREVs have some manufacturing advantages, too, says Steven Ewing, who directs editorial content at Edmunds. Specifics on Scout production are scant, but at least the Ramcharger is using components and technology that Stellantis already puts in other cars. “You’re not introducing this giant new propulsion system,” Ewing says. On the EREV (and PHEV) con side: It’s always going to be expensive to put two powertrains into one vehicle.
Automakers Are Hot for Extended-Range EVs. They Hope Buyers Like Them Too
The gap between the average price of a new and used vehicle has eclipsed $20,000, according to data out from Edmunds. That’s the widest gap since the site started tracking it in 2004 and comes as used car prices are finally falling, though the market is still daunting. Early in the pandemic, the shortage of new cars drove up demand and prices for used ones. Things are starting to normalize, according to Ivan Drury, director of insights at Edmunds. “Because there’s finally those cars that are available on the new car market that’s putting that downward pressure on prices,” he said.
Used car prices fall, but car shopping remains daunting - Marketplace