Inventory Is Coming Back, Finances Less So

Inventory's up, finances are down.
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Inventory Is Coming Back, Finances Less So

🤷‍♀️ Inventory bounced back, but... where is everybody? With the silicon shortage easing, spring 2023 saw dealerships overflowing with new vehicles. However, high inflation and interest rates have dampened sales, prompting dealers to consider incentives to stimulate demand.

📈 So everybody has too many cars? That's new... Brands like Stellantis' American labels, Buick, Jaguar, and Infiniti, face excess inventory, while Toyota and Honda experience limited availability.

💸 Folk would buy 'em if they could afford 'em. Over half of Americans rate their finances as "only fair" or "poor," and 35% identify inflation as their primary financial issue. This low economic confidence, the worst recorded by Gallup in two decades, inhibits significant purchases like new cars.

⛽️ Remember, a car cost more than it costs, ya dig? As gas prices soar, a KPMG survey of just 1,003 people in the US found 50% of ICE vehicle owners contemplate buying EVs or hybrids. However, despite this interest and the growing used EV market, affordability remains a barrier, restricting full EVs to a smaller pool of consumers.

⚡️ Electric, but not THAT electric. Yet, according to Q1 2023 Kelley Blue Book report, hybrids outstrip EVs in consumer popularity. Moreover, despite the economic hurdles, 18% of new-vehicle shoppers considered a hybrid, indicating a compromise solution that offers both affordability and sustainability.

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