New car prices are not budging, the longest lasting cars and SUVs, public EV charging wins

Hey everyone. Here’s some econ news to start off your morning:

According to the Bureau of Labor Statistics, inflation eased slightly in July. Prices rose 2.9% year-over-year, lower than what analysts expected.

Combined with global market uncertainty and a hiring slowdown, all signs point to a rate cut this September. Until then… the industry holds its breath.

— CDG

1. New car prices move down in July...barely

New vehicle prices are dropping, but not by much, despite higher inventories and incentives.

Driving the news: In July, the average transaction price (ATP) was $48,401, only $106 lower than last year, with expensive pickups like the Ford F-Series and Chevy Silverado keeping prices high. However, affordable models like compact and subcompact SUVs are gaining traction.

Yet, high interest rates and tightening credit conditions are still making car buying tough, forcing many consumers to hold off in search of better deals … Read more

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2. The most durable car models of 2024: Toyota receives top marks

Knowing which vehicles go the distance is a game-changer for closing deals, and the latest iSeeCars study highlights the models that truly last.

Key findings: SUVs and Toyotas dominate the list with some vehicles having a 36% chance of hitting 250,000 miles.

While these long-lasting cars build strong brand loyalty, they also extend trade cycles and reduce service needs, impacting dealer profits … Read more

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3. Public EV charging takes a step forward

Public EV charging has been a major pain point for drivers, but new data suggests things are finally looking up in 2024.

Big picture: DC fast chargers are gaining popularity for their speed, and Tesla's decision to open up its Supercharger network is driving satisfaction even higher.

However, not all the kinks are worked out, with many drivers still encountering broken or unavailable chargers. If the industry can successfully tackle these issues, EV adoption could get the boost it needs … Read more

• Feds probe Hyundai for dangerous defect in popular family vehicle.

• LA wants to host a ‘no-car’ 2028 Olympic games.

• Ford and Mazda issue an urgent recall warning for unfixed Takata airbags.

• China's Zeekr tackles EV range anxiety with a 10-minute battery charge.

• The UAW filed federal labor charges against former President Donald Trump and billionaire Elon Musk.

Thanks for reading everyone.

— CDG