At Graff Chevrolet in Davison, there is not a whole lot of inventory on the lot, but even with gas prices reaching record highs, orders for cars are still coming in Show DAVISON, Mich. (WJRT) - Gas prices continuing an upward climb all across the U.S. The rise in prices at the pump is hitting just about everyone's pocketbooks pretty hard. ABC12 News wanted to know if dealerships are being impacted because of the rise in energy prices. "I think it's way too early to really figure out if we're going to see an impact. The short answer is no, we're not seeing any impact yet." Chris Graff with Graff Chevrolet has been in the automotive business all his life. He's seen the ups and downs and in between when it comes to gas prices. "This should give people reason to consider electrics. We've always said gas prices have been too low previous times for people to give it much consideration." It is too early to tell if this surge in gas prices will be enough to change people's perceptions on EV's, but it definitely brings them to the forefront. The same holds true for potentially declining truck and SUV sales because of gas prices. Graff tells me a lot of this will depend on time. "If gas prices continue to stay high, you will see a shift in the market, and we saw this happen last time that gas prices shifted significantly and were trading in big SUVS for more fuel efficient cars." Graff said that if anyone is thinking of purchasing an EV or a gas powered vehicle, continue to pack the patience. After shooting up sharply in the last week or so, gas prices in the U.S. have plateaued and, in some areas, have already started going down. On Wednesday, the Energy Information Administration (EIA) said so, even though crude oil and gasoline inventories were down this week. The Wall Street Journal reported that Brent-crude futures, the international benchmark for petroleum prices, dropped 13 percent Wednesday, the biggest single-day percentage decline since April 2020. If nothing else, oil and gas prices are in flux these days thanks to external factors that no single group has control over. The photo above, taken at a downtown Los Angeles gas station on March 9, 2022, is an example of what can result. This content is imported from twitter. You may be able to find the same content in another format, or you may be able to find more information, at their web site.
By Joseph White  [1/4] Ford pickup trucks are shown for sale in Carlsbad, California, U.S., September 23, 2020. REUTERS/Mike Blake/File Photo 1234
DETROIT, April 1 (Reuters) - Major automakers are expected to report on Friday that first-quarter U.S. car and light truck sales fell sharply compared to a year ago, with more uncertainty ahead because of parts shortages, high fuel prices and rising interest rates. J.D. Power and LMC Automotive forecast that January-March U.S. car and light truck sales will decline 18% from a year ago, and predict the annualized sales pace for March will slump to 12.7 million vehicles, down from 17.8 million a year ago. Cox Automotive said earlier this week first quarter U.S. auto sales would be the weakest in a decade. read more Tesla Inc (TSLA.O) could buck the downward trend. The world's most valuable automaker is expected to report its first quarter deliveries as soon as Friday, and Wall Street had been expecting an improvement from the fourth quarter figure of 308,650 vehicles. However, Tesla has had to shut down production at its Shanghai factory this week to comply with COVID lockdowns. Two years after the first wave of COVID-19 pandemic lockdowns derailed the U.S. economy, automakers are still trying to find their balance. The spike in gasoline prices, propelled by the war in Ukraine, and the worst inflation in 40 years have rattled consumer confidence. Rising rates coupled with high pump prices have often been harbingers of recessions for the auto industry in the past. Consumer intentions to buy a new or used vehicle in the next six months have slumped in March for the second month in a row, and for used vehicles are at the lowest levels in 15 months, according to a survey released by the Conference Board this week. Shortages of semiconductors and other supply chain bottlenecks have left U.S. dealers short of many popular vehicles. At the same time, the job market is strong and demand for new trucks and sport utility vehicles, as well as electric vehicles, are so strong that average vehicle prices are still at near record levels around $47,000, Cox Automotive analysts said this week. Automakers earlier this year predicted sales and production would increase as supply chain bottlenecks eased during the year. The Ukraine conflict and a surge of COVID cases in China have some analysts questioning how much improvement automakers can deliver. Should I wait to get a new car?The best financial decision is to wait to purchase a new or used car and to keep your current car for as long as possible. New car inventory is expected to improve beginning in the second half of 2022, which will also create more used car inventory as buyers trade in their old cars.
Will car prices drop in 2023 in Canada?There's no way around it. It's going to cost you more for a vehicle in 2023. You can lessen the cost by having good credit, shopping around for financing rates and considering an EV.
Will car prices drop in 2023 in India?This has fueled demand for used cars. Average prices were up 42.5% in September 2022 vs. February 2020. Used car prices have likely peaked, but new car prices are set to remain elevated through end-2022. In 2023, prices are expected to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars.
Will car prices drop in 2023 Australia?Car prices have soared since the start of the pandemic, due to shortages and supply chain problems. They are expected to keep rising until the middle of 2023. Used car prices are now falling, as inflation bites into budgets.
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Will truck prices go down in 2022 due to gas prices
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