Here's the Thing

Despite the rise in temperatures, gas prices keep it cool



(June 14, 2024) WASHINGTON, D.C. — Another week, another slide in gas prices as the national average for a gallon of gasoline dipped two cents since last Thursday to $3.46. The main reasons for the decline are lackluster gasoline demand and burgeoning supply.
 

Shock poll — Almost 40% of EV owners likely to go back to gas cars



McKinsey study finds EV owners
have cost, charging concerns


(June 13, 2024) More than a quarter of EV owners are likely to return to combustion engine vehicles for their next purchase, according to a McKinsey & Co. survey. Nearly 4 in 10 owners of electric vehicles in the U.S. are likely buy a combustion engine car for their next purchase.

New-vehicle prices continue to trend lower



Kelley Blue Book — May prices
down nearly 1% year over year

    
(June 12, 2024) ATLANTA — New-vehicle prices in May remained lower year over year for the eighth consecutive month, as higher inventory levels continued to hold downward pressure on transaction prices. Last month, according to estimates by Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the U.S. was $48,389, statistically unchanged from the downwardly revised price of $48,368 in April. The new-vehicle ATP in May was lower year over year by 0.9%, approximately $442.

Is the EV hype over?



AAA finds interest in EVs declining
as Americans turn to hybrids


(June 10, 2024) ORLANDO, Fla. — The most recent annual consumer survey by AAA on electric vehicles (EVs) indicates a decline in consumer interest in purchasing EVs. Only 18% of U.S. adults say they would be “very likely” or “likely” to buy a new or used EV (not a hybrid) – down from 23% last year. Even more revealing, 63% cited “unlikely or very unlikely” to purchase an EV for their next car purchase.

2026 marks the end of the Toyota Supra and BMW Z4


2024 BMW Z4

(June 8, 2024) Hemmings.com reports that 2026 may be the last year for the Toyota Supra. The Supra shares its platform with the BMW Z4, which is ending production, and the Supra is essentially a fixed-roof version of the Z4 in Toyota guise, sharing a BMW-sourced engine and transmission.

Jeep Wagoneer excels as other large SUVs falter in IIHS tests



Chevy Tahoe, Ford Expedition
fall short for multiple reasons


(June 7, 2024) For drivers of large SUVs, their imposing size comes with a sense of security. But some models are safer than others, new ratings from the Insurance Institute for Highway Safety show. The Jeep Wagoneer is the only model out of three popular large SUVs tested to qualify for a 2024 Top Safety Pick award.

Drop in pump prices accelerates as summer approaches



(June 7, 2024) WASHINGTON, D.C. — Gasoline prices took another trip south this week, falling eight cents since last Thursday to $3.48. It marks the largest weekly drop of the year. “This drop in pump prices appears to have some sticking power for now,” said Andrew Gross, AAA spokesperson. “More states should see their averages dip below $3 a gallon in the coming weeks.”

EV purchase consideration cools in Canada, J.D. Power finds



(June 4, 2024) TORONTO — Just 11% of new-vehicle shoppers in Canada say they are “very likely” to consider an electric vehicle (EV) for their next purchase, down 3 percentage points from 2023 and less than half of the 24% of U.S. shoppers who say they are “very likely” to consider an EV.

On vehicle automation, federal regulators have catching up to do

Insight from the Insurance
Institute for Highway Safety


By David Kidd

Senior Research Scientist, IIHS

(June 1, 2024) Shopping for a new car? If it’s been a while since you’ve set foot in a dealership, you may feel as if you’ve stepped into the future. Many models on dealer lots today promise to relieve you of much of the drudgery of driving — controlling your speed and lane position and in some cases changing lanes or allowing you to take your hands off the wheel.

Pump prices keep dropping as hurricane season begins



(May 31, 2024) WASHINGTON, D.C. —The national average for a gallon of gasoline has fallen by a nickel since last week to $3.56, the largest one-week drop thus far for 2024. The primary reasons are tepid demand and a lower oil price.