When shoppers are considering the purchase or lease of an electric vehicle (EV), one of the first questions they ask is, "how much does it cost to charge?" While it's easy to answer that question for a gas-powered car by looking at its fuel economy and your gas station receipt, it gets a bit more complicated for an electric car. If you're charging from a home charging station, the cost of charging an electric vehicle is based on the vehicle'sIf you're charging from a home charging station, the cost of charging an electric vehicle is based on the vehicle's energy efficiency and the cost of electricity, which can vary greatly depending on where you're charging.
It remains a poor time to be in the market for a new car. Or a used car. According to an Automotive News report on the latest data from Cox Automotive on Monday, wholesale used car prices rose to record highs this past September. In turn, that means the prices dealers charge used car buyers also continue to rise.
Year-over-year, wholesale prices are up 27% compared to September 2020. From August, September saw prices climb 5.3%. The increases coincide with continued difficulties for automakers to build enough cars to meet people's demands. The semiconductor chip shortage, according to the most recent estimates, may not start to stabilize until sometime next year. And only in the first half of 2023 may the industry enter an actual recovery phase. Without enough chips, carmakers will remain stuck as buyers won't be able to find the vehicle they're shopping for. In fact, recent data also shows many buyers are starting to give up and postpone a car purchase entirely.
2021 Lexus LC 500 Convertible puts style at the forefront
The LC 500's good looks make up for this car's few shortcomings.Regardless of body style, the LC is a looker. My tester is covered in a luscious shade of red paint, which is probably the most gorgeous rouge this side of Mazda's Soul Red. Lexus' spindle grille doesn't look bad in this application, and I love how the distinct headlight shape is echoed in the taillights. Front to back, the LC is stunning.
That leaves many people looking to the used car market to score a better deal, or any car at all. But with demand high, prices will continue to climb. Cox Automotive now forecasts used car prices will peak between now and next spring. Experts originally saw a dip in auction prices this past summer, but that dip appears to be short-lived.
These cars are the best to buy used, rather than new. They're substantially cheaper than a new model, even though the data comes from 2019 or 2020 models sold used. The gorgeous Infiniti Q60 is one of them.
The Mitsubishi Mirage G4 is already affordable, but a used one can take nearly $5,000 off the price.
This was originally published on Roadshow.
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What Does MSRP Mean? Can It Be Negotiated? We Answer Your Car Pricing Questions .
Buying a car isn’t quite like buying a jar of peanut butter at the grocery store. Most everyday items have a set price, and what you see on the sticker is what you pay. This isn’t the case with cars. Every car has an MSRP which serves as a starting point for what you end up paying. Unlike that jar of peanut butter, you might be able to pay less, or in some cases have to pay more. Why is that, and what is an MSRP? Here's the breakdown. What's the Meaning of the Term MSRP?MSRP is an acronym for manufacturer's suggested retail price. It represents the price that a manufacturer recommends a vehicle be sold for.