Cars, trucks and SUVs have become more fuel efficient over the past decade, but at what cost? Are consumers footing the bill for greener travel? A new analysis by Consumer Reports reveals some surprising results.
As cars have become more complex, with regulations demanding better fuel efficiency and safety, it’s easy to assume that the price of a new car…which may seem high…must also be more high. So Consumer Reports dug into the data and analyzed the prices of hundreds of cars it bought over nearly 20 years.
CR’s analysis found that from 2003 to 2021, the price of new vehicles did not increase once we adjusted for inflation. That’s despite some big improvements: average fuel economy improved by 30 percent, saving consumers an average of $7,000 in gas costs per car over its lifetime.
And there were also significant gains in safety, with improved crash protection and technology to help avoid a collision. Electronic stability control and backup cameras are now standard on new vehicles. And many manufacturers now include automatic emergency braking and blind spot warning.
But even if individual vehicle prices stay the same, the data shows people are paying more for new cars. Because? Consumers buy more expensive vehicles.
SUV sales have doubled, while sales of less expensive sedans and wagons have fallen.
CR says you’ll get more bang for your buck buying a car instead of an SUV.
CR’s top tip next time you go to the dealership: choose what you choose, don’t buy “more vehicle” than you need. It can cost you in financing, insurance, fuel economy, maintenance and depreciation over time.
