They’re paying higher prices than ever, so why are car buyers so happy?

A wildly unexpected piece of news: Most people who bought a new car in 2021 are happy with the experience.

2021 was a miserable year to buy a car, according to thousands of headlines, many of which we’ve written. Prices soared to new records—the average new car sold for more than $47,000 in December. That average increased by more than $6,000 in just one year. Nationwide, dealerships faced low inventory due to a microchip shortage.

Yet, 66% of new car buyers described themselves as “highly satisfied with their shopping experience” in the 12th annual Cox Automotive Car Buyer Journey Study. Cox Automotive is the parent company of Kelley Blue Book.

Don’t miss: VW’s new ID.4 delivers a roomy, modern EV with good range and an AWD that’s a delight to drive

The number isn’t quite a record. The record came in 2020 when 72% of buyers called themselves highly

Read More

Penske Stock Revving Up For Another Road Trip Higher?

Cars for sale have been in short supply, giving auto sellers like Penske Automotive Group (PAG) pricing power. On Tuesday, Penske stock hit an important technical milestone, with its Relative Strength (RS) Rating entering into the 90-plus percentile due to an upgrade to 91, up from 88 the day before.


The new 91 RS Rating means that Penske stock has outperformed 91% of all stocks over the past year. Market research shows that the stocks that go on to make the biggest gains typically have an RS Rating north of 80 at the beginning of a new price run.

Penske Stock Roared 400% Higher From Early 2020

A semiconductor shortage has hit new car makers hard, in most cases forcing them to cut back on production. With new car prices rising and in short supply, consumers turned to the used car market. That, in turn, has led

Read More

Why Rivian Automotive Stock Keeps Running Higher

What happened

For the fourth day in a row — the fourth day since its initial public offering — shares of electric car upstart and purported Tesla-killer Rivian Automotive (NASDAQ:RIVN) marched higher Tuesday.

Through 10 a.m. EST, Rivian shares have already gained another 6.3% despite there being no new news today to explain the enthusiasm.

A green stock arrow rises higher.

Image source: Getty Images.

So what

No new news about Rivian, that is to say. As it turns out, though, one of Rivian’s competitors in the electric vehicle space, Lucid Motors (NASDAQ:LCID), just reported its third-quarter 2021 earnings last night — and it seems investors are pretty excited about that one.

Although Lucid reported wider losses and lower sales than anticipated, investors responded positively to the luxury electric car maker’s announcement that its Lucid Air sedan just won Motor Trend‘s Car of the Year award. They were also pretty pumped to learn

Read More

Tesla reports higher profits, says expansion on track

Tesla reported a jump in first-quarter profits Monday on surging electric vehicle sales, and the manufacturer said it was on track to boost automotive capacity at factories in three countries.

The electric car maker set production and delivery records in the quarter, with the auto industry upstart’s Model 3 becoming the best-selling premier sedan in the world, according to chief executive Elon Musk.

“We’ve seen a real shift in customer perception of electric vehicles and our demand is the best we’ve ever seen,” Musk said on an earnings call.

“Only three and a half years into production and with just two factories, for Model 3 to be out-selling its combustion engine competitors is quite remarkable.”

Musk’s electric car company has faced questions in recent days following a fatal car crash in Texas and sharp criticism of the company on social media in China.

But Monday’s results were strong as Tesla

Read More