Sean McClain

speaker

69 appearances 1 recordings 1 series first heard Feb 2023 last heard Feb 2023

Sean McClain’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Sticker Shock Keeping Car Buyers on the Sidelines · 7 Feb 2023 podcast

And if you don't have the selection out there, then a lot of people either turn to used cars or just holding on to theirs.

There is one wrinkle, which is the electric vehicle market.

There, prices have started to come down slightly, led by Tesla.

Tesla made pretty sharp cuts across their vehicle lineup, and Ford followed suit as well.

It sort of remains to be seen whether that's going to drive sustained demand.

Certainly, we saw a bump in, or Tesla reported a bump in demand for their vehicles as a result of the price cut.

Right.

I mean, look, the story is going to be different depending on where you are.

And if you look a broad enough circle, I'm sure you could find a car that fits your budget.

But the issue is that it's becoming harder and harder.

And during the pandemic, dealers, when people had used cars that were worth almost the same as a new car when they're a couple of years old, people were able to make these purchases work, even if they were expensive.

because of low interest rates and high trade-in values.

Well, now we have high interest rates and low trade-in values, and that's making it more difficult.

And so dealers are saying that they need help from carmakers.

What typically happens in this situation is that car companies would offer financial incentives.

Lower interest rates, zero APR, as they call it, money off the sticker price.

That really hasn't happened.

It's starting to bump back up, but nowhere near pre-pandemic levels.

And that's what dealers say they really need.

They need a little bit of assistance to, you know, sort of cover the gap between the rapidly rising interest rates and people's pocketbooks.

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