'How the Rapid Demise of Entry-Level Cars has Increased Average Prices' car carsales
The American automotive market as we know it today has changed drastically over the years. With newer technologies, better features, and improved performance potential, few segments have seen tremendous success.
At the forefront of this change is the SUV segment. By providing better space and a bevy of standard features, sport utility vehicles or simply SUVs have taken the market by storm. But amidst the rising trend of SUVs, a downward trajectory in the entry-level options has also caused the market to change.
The fall in the entry-level, especially hatchbacks and sedans, came in rather quickly in an evolving market. But the reasons for such a fall still remain under scrutiny. While the impact of the COVID-19 pandemic and a subsequent fall in profit margins and purchasing power can be attributed as a primary reason, the introduction of better-equipped and larger vehicles at diminutive price differences is also a rallying point.
Though some low-priced alternatives are still available, the disappearance of entry-level vehicles has caused the market to see an indelible increase in average prices. The reasons for such a rise in prices, stem out of two factors, which are either economical or personal and include:With a subsequent decrease in the sales of entry-level vehicles, revenue streams of automotive companies have become rather restricted.
Once a revered segment, the entry-level car options have decreased shambolically over the past few years. While newer segments in the industry have already replaced the segment, even in its dying embers, the entry-level segment has had an undeniable economic impact in the industry. And when coupled with the ongoing pandemic, the automotive industry has fallen into a web of rising prices and while market corrections might start soon, average prices will slowly continue to climb the ladder.
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