Cox Automotive
Coverage of Cox Automotive in the Nexus archive.
- See inside Tesla's new $62,000 six-seater Model Y L, which has been a huge hit in China and is now on sale in the US
Tesla has launched its six-seater Model Y L in the US, priced at $61,990, after it became a major sales hit in China. The vehicle features three rows of heated seats, a 325-mile range, and a limited-edition 'Launch Series' with free supercharging and Full-Self Driving tech. CEO Elon Musk had previously questioned its US viability due to self-driving car advancements, but deliveries begin in October.
- Inexpensive new cars are rare, but these models still start under $25,000
The average new car price in the US exceeds $50,000, with only 11 models starting below $25,000 before fees. Affordable options like the Hyundai Venue ($20,550) and Chevy Trax ($21,700) remain available, but lower-priced vehicles are becoming increasingly scarce due to rising prices and incentives.
- Tesla sales smash expectations as it cashes in on sky-high gas prices
Tesla sold 480,126 vehicles in Q2, surpassing Wall Street estimates amid rising gas prices linked to the Middle East war. The company's EV sales growth contrasts with a 27% decline in broader US EV market sales, driven by high fuel costs boosting demand in Europe. Tesla is shifting production toward its Optimus robot and Cybercab robotaxi.
- Used car prices fall for first time this year as gas prices spike, EV interest rises
Used car prices have fallen for the first time this year due to rising gas prices and increasing interest in electric vehicles, driving demand for older vehicles and all-electric cars. Affordability remains a concern for buyers. Cox Automotive reported these trends.
- Used EVs are on the upswing in America
Sales of new electric vehicles (EVs) in the U.S. are declining, but used EV sales are rising as more battery-powered vehicles come off leases, according to Cox Automotive data.
- An influx of used EVs could drive down prices
An influx of used electric vehicles (EVs) over the next three years, driven by expiring leases, could significantly lower prices. Cox Automotive projects over a million used EVs will enter the market by 2028, with 660,000 leases expiring in 2028 alone. This surge may make EVs more accessible as 76% of U.S. car sales are already used.
- Buyers fret as the average cost of a new car nears $50K
The average cost of a new car in the U.S. has reached nearly $50,000, up 30% in six years, driven by inflation, production shifts toward larger SUVs, and higher interest rates. Consumers face affordability challenges as monthly payments rise to $775, with fewer budget-friendly options available. Long-term loans are becoming more common but increase overall costs.