Automakers are developing and producing vehicles that are available with several powertrain options, fit the lifestyles of modern families, can adapt to the terrain and go further off-road than ever before.
All that comes at a price. The cost of owning a vehicle today is higher than ever before. Not only are parts and labor more expensive than they used to be, but insurance rates are also predicted to have skyrocketed 22 percent nationally in 2024 based on analysis from Insurify. And in some states, rates are expected to spike 50 percent or more. Adding to the pain of car payments, the cost of insuring a new vehicle is typically more than insuring an older model.
High interest rates have pushed monthly financing rates higher, and dollars are not going as far as they used to due to inflation. In October 2021, the interest rate on a 60-month car loan was 3.87 percent. By the beginning of July 2024, that number had nearly doubled to 7.92 percent, according to data from Statista, a global data and business intelligence platform.
America's Most Anticipated New Vehicles 2025 list reflects those diverse attitudes toward buying vehicles. Gas, hybrid, plug-in hybrid and battery-electric vehicles all make the cut. Many have propellant options; you can get it with a gasoline engine or some form of hybrid powertrain. The battery-electric vehicles on the list have upped the ante in their own way. Range Rover Electric takes a current luxury SUV and adds new power and prowess. The Mercedes-Benz EQS Sedan gets a fresh look and more battery range. A third, the Hyundai Ioniq 9, is the largest all-electric SUV the company has made for its U.S. buyer base.
This story is from the November 22, 2024 edition of Newsweek US.
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This story is from the November 22, 2024 edition of Newsweek US.
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