Americans need lower car prices. But not Hertz. “The residual decline ... was relative to both ICE vehicles and EVs”: Hertz
In 2023, gasoline consumption was where it had been 20 years ago, even as miles driven hit a record, on more efficient ICE vehicles and the shift to EVs.
But mass transit is still singing the remote-work blues. RTO not now?
But the plunge in retail prices of used cars and trucks hasn’t progressed nearly as much.
Subprime doesn’t mean “low income.” It means “bad credit” – and some is high income. And subprime loans are coming home to roost.
Tesla +24.6%, Toyota +2%. Model Y +52%, #1 bestseller by far; Model 3 is #2 bestseller. Toyota loses it, Camry sales -16%, RAV4 +1%.
The SPACs Shift Technologies and Carlotz are already dead. Carvana is still out there, after its distressed debt exchange.
Used-Car Retail Prices have given up only 36% of their price spike so far.
Automakers screwed up the market for decades with price increases and going upscale. Now they pay the price with dismal volume.
Tesla has always been willfully lousy in reporting delivery details. Today it made the obfuscation worse.