The entire car sector, including gas cars, is hurting as buyers face high interest rates, price hikes, and ongoing supply chain issues that have ballooned vehicle costs.
Despite some brands posting record electric sales, the overall pace of EV adoption is slower than expected due to a combination of rising material costs and production challenges.
The Ford Maverick exemplifies rising car prices, increasing from $19,995 at launch to $26,295 in just three years, a staggering 31% increase amid broader price hikes.
Though new vehicle sale prices have decreased slightly year-over-year, the overall average transaction price has still risen significantly since pre-COVID, highlighting persistent cost pressures.
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