The cuts, however, are related to more specific factors in the electric vehicle market as competition increases, said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions LLC.Article content
“On the internal combustion engine side there’s very little competition on price. Every manufacturer is trying to get every dollar they can, loading up dealers with as expensive a product as they can get on the line.” While prices should ease as inventories build, rising interest rates and overall inflation pressure will still make car buying a challenge this year, said Rebekah Young, head of inclusion and resilience economics at Scotiabank.
“There are legitimate cost pressures that the industry is facing,” said Young. “The push cost side of vehicle inflation is likely to be there longer.”Article content “I think what we will likely see is not necessarily kind of a swath of price drops on current models as much as more models at more affordable ranges.”
Experts? Really? We needed experts to tell us what we already know?
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