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☆ Californians are buying fewer Teslas. That could be a bad sign for Elon Musk.
▼ + stars: | 2024-08-11 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Read previewTesla has a California problem — its residents aren't buying as many of Elon Musk's electric cars as they used to. And California isn't the only place where Tesla's chokehold on the EV market is beginning to slip. Tesla CEO Elon Musk has attributed lackluster sales to high interest rates and economic uncertainty in the US. But, while Tesla's sales are dropping, the EV market as a whole is expanding, including in California. Similarly, data from CNCDA shows that EV sales in California hit their second-highest quarter on record in July.

Persons: —, Tesla, Elon, Elon Musk, Gavin Newsom, Newsom, Noam Galai, Musk, Donald Trump, wouldn't, Ivan Drury, Edmunds, California there's, Brian Moody, Moody Organizations: Service, Golden State, Car Dealers, US, Business, Cox Automotive, California, Forbes, Experian Automotive, SpaceX, Democratic Party, Auto Locations: California

☆ Tesla needs to figure out how to sell cars. Its salespeople say it's stuck in the past.
▼ + stars: | 2024-08-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +10 min

The company's sales team has been struggling to adapt to a much different market, according to 14 current and former employees from Tesla's sales division in North America. The carmaker is also attempting to fix a spate of bad publicity surrounding its CEO, Elon Musk — all with little in the way of advertising initiatives or traditional sales strategies. The electric-car maker made its mark by breaking industry standards with its ad-free, direct-to-consumer sales model. Now, some of Tesla's sales staff believe it's time for the company to begin acting like a traditional automaker. Musk has been vague about when a new, more economically priced Tesla model would hit the market, saying only that it could happen in 2025.

Persons: —, Tesla, Elon Musk, What's, Musk, shouldn't, Tesla backpedaled, Brian Moody, Autotrader Organizations: Service, US EV, Business, Tesla Locations: North America

☆ Tesla's cars are starting to look pretty basic — and that's a problem
▼ + stars: | 2024-07-24 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

But people looking for a flashy new design in Tesla's more traditional car lineup are stuck waiting for now. The Model S and Model X used to be the ultimate status symbol. In 2020, TikTok star Addison Rae made headlines when she was spotted in her bright pink Tesla Model X. And the design of the Model S and Model X hasn't been meaningfully updated since 2021. "If you start announcing some great thing, it affects our near-term sales," Musk said on Tuesday.

Persons: —, Tesla, Addison Rae, Brian Moody, Elon Musk, Tesla's, Edmunds, Ivan Drury, that's, Moody, Musk, Osborne, Stephanie Valdez, Valdez, Streaty Organizations: Service, Business, Cox Automotive, Streaty, Cox Automotive Industry, EV

☆ ‘Loophole’ may get you a $7,500 tax credit for leasing an EV, auto analysts say
▼ + stars: | 2024-07-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Maskot | Maskot | Getty ImagesBuying a new electric vehicle isn't the only way consumers can access a $7,500 federal EV tax credit. Perhaps the best known of them — the "new clean vehicle" tax credit — is a $7,500 tax break for consumers who buy a new EV. But many auto dealers are also passing along a $7,500 tax break to lessees, via a different (and, experts say, lesser-known) mechanism called the "qualified commercial clean vehicles" tax credit. This EV tax credit "leasing loophole" has likely been a key driver of increased leasing uptake in 2024, Barclays auto analysts said in an equity research note published in June. The $7,500 tax credit enables dealers to charge low monthly payments for leases, thereby helping "stoke demand" for EVs, Barclays wrote.

Persons: Joe Biden, —, Dealers aren't, Ingrid Malmgren, Hyundai Kia, Brian Moody, Autotrader, Moody, Malmgren Organizations: Maskot, Barclays, U.S . Treasury Department, Plug, stoke, EVs, Foreign, Toyota, Hyundai, EV, Consumers Locations: U.S, Asian, North America

☆ Rent a car for a road trip, or drive your own? 5 things to consider
▼ + stars: | 2024-07-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

For some car owners, it might be more financially savvy to rent a vehicle for a road trip than use their own, experts said. Drivers would need to compare total rental costs — the daily rental rate and potential add-ons like insurance — versus those of operating their own car. "Most people will be shocked at what it actually costs to own and operate their car," Brannon said. The cost of rental car insurance might add $30 to $61 to the daily rate, depending on insurance type, according to Allianz Travel, citing MarketWatch data. Car owners may already get full coverage on a rental via their own car insurance policies, or may have some coverage through credit-card benefits, Brannon said.

Persons: Patchareeporn, Greg Brannon, Brian Moody, Autotrader, Moody, Brannon, Hopper, Alistair Berg, Digitalvision, Kelley, KBB, Autotrader's Moody Organizations: AAA, Toyota, Allianz Travel, Finance, Car, Getty, Allianz, State

☆ This Memorial Day kicks off a buyer’s market for new cars
▼ + stars: | 2024-05-24 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

CNN —Memorial Day weekend is shaping up to offer some of the best deals on new cars in years. The new car market is finally a buyer’s market again. The Volkswagen ID.4 and Kia Niro EV, for instance, are selling at average discounts of more than 13%, according to Edmunds.com. Vehicles from the outgoing 2023 model year now account for 6.8% of all new vehicles on dealers’ lots, according to Edmunds.com. Dealers for Stellantis brands – Dodge, Chrysler, Jeep and Ram – are offering the biggest discounts, according to Edmunds.com.

Persons: Covid, Cox, ”, Eric Barbosa, we’ve, “, Barbosa, –, Ram –, Edmunds, Ivan Drury, Brian Finkelmeyer, Brian Moody, Kelley Organizations: CNN, Toyota, Ford, Ford Bronco, Cox Automotive, GMC, Volkswagen, Kia Niro, Cavender Auto Group, Vehicles, Dealers, – Dodge, Chrysler, Jeep, Dodge, Lincoln Nautilus, Consumers, Honda, Kia, Autotrader Locations: San Antonio , Texas, Edmunds

☆ Auto incentives are back — but high interest rates weaken deals for buyers
▼ + stars: | 2024-05-16 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Simonskafar | E+ | Getty ImagesIncentives are coming back to the auto market, but high interest rates are weakening those deals for car shoppers. In today's market, consumers are more likely to see it as "free money," she said, especially as auto loan rates stay high. watch nowWhen you roll that into your new car loan, it increases your payment. Search for available incentives: Car shoppers will have to a do lot more shopping and research to find available incentives, Caldwell said. Know your credit score: While shoppers might come across 0% financing offers, those deals are often reserved for buyers with excellent credit.

Persons: Jessica Caldwell, Trump, Brian Moody, Kelley, Edmunds, Caldwell, That's, that's, Moody Organizations: Getty, Finance, Biden Locations: Edmunds

☆ Is Tesla's Cybertruck the new status car?
▼ + stars: | 2024-03-01 | by ( Grace Kay | Madeline Berg | ) www.businessinsider.com time to read: +8 min

Tesla's Cybertruck isn't the kind of car that goes unnoticed. The Cybertruck isn't your average pickupMusk has been hyping up the Cybertruck since it was announced in 2019. AdvertisementFrom the start, it's been clear the Cybertruck isn't geared toward your traditional pickup truck market. But it's not exactly your typical luxury status car, eitherWhile the Cybertruck isn't a traditional pickup, it's not exactly a luxury car. "The finance geeks are just, they're beside themselves of how much they admire" Musk, Chesterfield said.

Persons: Tesla's Cybertruck, Kim Kardashian, Pharrell Williams, Jay, Hayley, Justin Beiber, Wiz Khalifa, Ivan Drury, Edmunds, it's, Tesla, Elon, Winston Chesterfield, Barton, It's, Chesterfield, it's Tesla's, hasn't, Ford, Jim Farley, Brian Moody, Mercedes, Ben Affleck, Cameron Diaz, Will Smith, Oprah Winfrey, Morgan Freeman, Steven Spielberg, Drury, Musk, it'll, Moody, Kyle Conner Organizations: Business, Ford, Royce, Twitter, YouTube Locations: Instagram, London

☆ Toyota, Honda among 2.3 million vehicles recalled in November. How to make sure your car is fit for long-distance travel plans
▼ + stars: | 2023-11-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

"It's common for there to be a recall when there haven't been any incidents yet," said Moody. For the Nov. 16 recall on damaged engines, drivers should expect to receive a notification on Jan. 2, 2024. Travel plans 'will depend on the nature of the recall'As to whether or not travel plans should be altered, the decision will depend on the nature of the recall, said McParland. "If the recall says possible transmission failure, that's a lot more risky for long-distance travel versus a glitchy navigation system," McParland said. "Usually rentals are not covered" as part of the recall repair, McParland said.

Persons: haven't, Brian Moody, Kelley, Moody, It's, McParland Organizations: Maskot, Getty, Honda's

☆ Tesla's backtracked $50,000 resale fee could be a sign the Cybertruck isn't destined for the mainstream yet
▼ + stars: | 2023-11-15 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +4 min

The fee could be a sign the Cybertruck might be a smaller release than expected, experts said. AdvertisementTesla's rescinded $50,000 resale fee is the latest sign the Cybertruck won't hit the market in large numbers anytime soon. These restrictions are rare, but they're most commonly used on limited-production vehicles, Stephen Beck, founder and managing partner of consultancy cg42, told Business Insider. "It's really hard to say how many people on the reservation list will actually buy it," Moody told Business Insider. "There will be just as many people who want to work the system to make money as people who want to own this vehicle," Moody said.

Persons: Tesla, —, Elon Musk, Stephen Beck, cg42, Elon, Beck, Musk, Brian Moody, Moody, Ivan Drury, Edmunds, Drury, Ford, John Cena Organizations: Service, Ford GT, scalpers

☆ GM seems most vulnerable due to low supply of some popular vehicles: AutoTrader.com's Brian Moody
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGM seems most vulnerable due to low supply of some popular vehicles: AutoTrader.com's Brian MoodyHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Brian Moody, Brian Sullivan, “ Organizations: CNBC

Now, given the current high car costs and interest rates, drivers are shifting their focus to less expensive models. That shift shows in so-called "days to turn" numbers, which measure how long cars are in dealer inventory before being sold. "People have stopped going for top-of-the-line cars and are going for mid-trim cars," he added, "That's where we're starting to see the shift." Paul Waatti industry analyst at AutoPacificFive years ago, there were 12 vehicles selling for an average price of more than $100,000. Know your budget — really Most car buyers use monthly payments to conceptualize how expensive a car is.

Persons: Patrick T, Joseph Yoon, homebuyers, Yoon, Edmunds, Brian Moody, Kelley, Moody, Paul Waatti, Waatti, they're, Tom McParland Organizations: Fallon, Bloomberg, Getty, Finance, Mitsubishi Mirage, Consumers, Chevrolet, Chrysler, Fiat, Honda, Hyundai, Kia, Mazda, Mitsubishi, Nissan, Subaru, Toyota, Volkswagen —, Auto, AutoPacific, Ferrari, Lamborghini, Royce, Automatch Consulting Locations: Autonation, Carvana, Buffalo , New York, Edmunds

Consider this: In July, just one car model — the Mitsubishi Mirage — had an average new-vehicle transaction price below $20,000, according to Kelley Blue Book data. The $20,000-or-below barometer is a sort of unofficial price threshold for an affordable new car, said Brian Moody, executive editor for Kelley Blue Book. Five years ago, there were 12 vehicles selling for an average price of more than $100,000. The average new-vehicle purchase price today is about $48,000, up from about $30,000 in 2012, according to Kelley Blue Book. Know your budget — really Most car buyers use monthly payments to conceptualize how expensive a car is.

Persons: Kelley, Brian Moody, Moody, Tom McParland, Paul Waatti, Waatti, Joseph Yoon, they're, Yoon, McParland Organizations: Mitsubishi, Manufacturers, Kia, Hyundai, Nissan, Mitsubishi —, Automatch Consulting, Consumers, Edmunds, Auto, Ferrari, Lamborghini, Royce

☆ Electric cars aren’t just for the wealthy anymore
▼ + stars: | 2023-07-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —Thanks to a combination of new models, more production and new tax laws, electric vehicles are no longer just for the wealthy. Currently the “days supply” of electric vehicles – a measure of the number units on dealer lots relative to how quickly they sell – is now twice that of new vehicles overall. The biggest bargain among electric vehicles currently, whether you lease or buy, happens to be one that’s going away soon. A Chevrolet Bolt EV sits parked at a charging station at Stewart Chevrolet on April 25, 2023 in Colma, California. For almost $10,000 less, in terms of sticker price, Hyundai offers the soon-to-be redesigned Kona Electric.

Persons: Kia, Erik Pendzich, it’s, Mark Luxcombe, Wolters, “ There’s, ” Luxcombe, Brian Moody, Moody, ”, Stewart, Justin Sullivan, Kia EV6, Josh Lefkowitz, Tony Quiroga, Bing Guan, Quiroga, Chevrolet Bolt Organizations: CNN, General Motors, Ford, Hyundai, Kia, Volkswagen, GT, New York, Wolters Kluwer, Cox Automotive, Chevrolet Bolt, Stewart Chevrolet, GM, Angeles, Kona, EV, Chevrolet Locations: America, Colma , California, Los Angeles , California

☆ Seven major automakers, including GM and
▼ + stars: | 2023-07-26 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Seven major automakers are coming together to create a joint venture that will build out a large electric vehicle fast-charging network in the North America, in an attempt to make electric vehicles more attractive to consumers. The first of the new charging stations will open next summer, the companies announced, first in the US and, later, in Canada. Vehicles made by other manufacturers, not just these seven, will be able to charge at these stations, as well. The new joint venture will rely on funds from the automakers as well as using grants offered by the federal government to build new EV chargers. There are currently about 35,000 NACS and CCS chargers in the US, but many more will be needed as the number of electric vehicles increases in coming years.

Persons: “, Mary Barra, Brian Moody, Biden Organizations: CNN, Seven, Motors, BMW Group, Honda, Hyundai, Kia, Benz, GM, Cox, Vehicles, Mercedes, US Department of Energy, National Renewable Energy Laboratory Locations: North America, United States, Canada

☆ Rivian follows the lead of other EV makers in joining Tesla's charging network
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRivian follows the lead of other EV makers in joining Tesla's charging networkMark Fields, former Ford CEO, and Brian Moody, AutoTrader.com executive editor, join 'Last Call' to discuss Rivian joining Tesla's EV charging network, the state of the EV space, and more.

Persons: Fields, Brian Moody Organizations: Ford, Tesla's EV

☆ Watch CNBC's full interview with Mark Fields and Brian Moody
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Mark Fields and Brian MoodyMark Fields, former Ford CEO, and Brian Moody, AutoTrader.com executive editor, join 'Last Call' to discuss Rivian joining Tesla's EV charging network, the state of the EV space, and more.

Persons: Mark Fields, Brian Moody Mark Fields, Brian Moody Organizations: Ford, Tesla's EV

☆ Auto insurance is up by more than 15% this year in some states. Here's how to keep your premium down
▼ + stars: | 2023-02-07 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Miniseries | E+ | Getty ImagesAs with many line items in your household budget, your auto insurance probably costs more this year than in 2022. While auto insurance tends to eat up a small share of a person's income — about 3% for the average person, according to the Bankrate study — you may be able to reduce it even further. "If you're working from home now, I'd definitely let your insurance company know you're not commuting to work," said Brian Moody, executive editor of Kelley Blue Book. If you were to increase your deductible to $500 from $250, it could reduce your coverage cost by 15% to 30%, Friedlander said. "Auto insurance is extremely competitive and companies want your business to grow their market share," Friedlander said.

☆ Auto loan delinquencies are rising. Here's what to do if you're struggling with payments
▼ + stars: | 2023-02-04 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Fotostorm | E+ | Getty ImagesFor a rising share of car owners, monthly auto loan payments appear to be evolving into a problem. High prices, interest rates have led to bigger paymentsLoan delinquencies can harm your credit scoreWhile the auto loan delinquency rate is edging higher, the default rate is not, according to Cox. "If you're 30 days late, it impacts your credit score," said Brian Moody, executive editor of Kelley Blue Book. What to do if you're struggling with auto loan billsFor car owners who are pretty sure they're heading toward delinquency, it's important to try preventing the problem from snowballing. If you're struggling to keep up because you don't budget well, that's at least potentially fixable, experts say.

☆ Car prices could drop 20% this year. Here's where to expect the best deals first.
▼ + stars: | 2023-02-01 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com time to read: +3 min

After years of high prices and low inventory, car buyers might finally see things go their way. Consider certain brands or vehicle types if you’re car shopping in 2023. As a result, JPMorgan says, used car prices could fall by as much as 20% in 2023, and new car prices could drop by 5%. "The biggest, fastest drop in prices in returning toward normal, pre-pandemic prices would probably be in those segments," Brauer said. Pickup trucks, though popular in general, don't have great fuel economy, so prices have softened amid higher-than-normal gas prices, Brauer said.

☆ Car prices could drop 20% next year. Here's where to expect the best deals first.
▼ + stars: | 2022-12-19 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com time to read: +3 min

☆ Buying a car is finally easier — but watch out for high interest rates and lingering inventory issues
▼ + stars: | 2022-12-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Easing supply chain crises mean more vehicles on lots, used vehicle prices are down, and demand is normalizing. "There's really not a lot of ways to escape them unless you are willing to change the car that you're buying," Drury said. As far as luxury cars go, there aren't many deals to be found, he added. Used cars are displayed on the sales lot at Marin Acura in July 2021. Car-buyers might find a used vehicle could suit their needs while they hold out for lower prices surrounding new vehicles.

☆ The Chevy Bolt’s huge sales prove America is craving a cheap electric car
▼ + stars: | 2022-10-26 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

The Bolt EV and its new, more SUV-like sibling the Bolt EUV had record sales in the third quarter of the year with 14,000 being delivered to customers. Prices for the new Bolt EUV, which is taller and roomier, dropped to a base of about $28,200, $6,300 less than before. The 2023 Bolt EV now has a starting price of $25,600 and, for the Bolt EUV, $27,200. The Chevrolet Bolt EUV is a taller, roomier version of the Bolt EV electric hatchback. Like many electric cars, it can be driven “one pedal” style, with the car braking gently as the accelerator pedal is lifted.

☆ America's cars and trucks are getting bigger, and so are their front blind zones. Children are paying the price.
▼ + stars: | 2022-10-24 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Headshot_Small.Png | Adiel Kaplan | ) www.nbcnews.com time to read: +13 min

Front cameras could help prevent these deaths, safety experts say. On Monday, he announced legislation that would make front blind zone safety features mandatory for motor vehicles. After Congress passed a law to improve rear blind zone safety nearly 15 years ago, it took a decade — rulemaking, regulatory delays and a multiyear rollout — before it fully went into effect. Blumenthal’s bill directs regulators to determine what technology, such as cameras or sensors, to require to make front blind zones safer, much like the rear blind zone law did. But she believes the best way to prevent future tragedies is widespread use of blind zone cameras.

☆ New cars are still selling for over MSRP. Here's how to avoid sticker shock
▼ + stars: | 2022-10-15 | by ( Ian Thomas | ) www.cnbc.com time to read: +6 min

A couple browses a car's sticker price. For example, Mercedes-Benz purchasers paid between 2% to 4% more than the sticker price. On top of that, the average price of used cars has been steadily dropping, even if that was coming down from a very high point. In August, the average used car sold for $28,061, a 4% year-over-year decline but still up nearly 40% from December 2019 before the Covid-19 pandemic. The recent decline is a function of used car sales slowing, down 9% in August from a year earlier, making it even more likely you might get a good deal on a used car lot.

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