It's expensive to buy just about anything right now, so most consumers want to be sure they're getting the best deal before they put down their plastic.
The latest numbers from the December 2023 Consumer Price Index (CPI) shows that inflation ticked up again last month, and the average American is certainly feeling it.
Everything from eggs to airfare increased in cost during December. Here's a breakdown of how a few key items stacked up:
- Food: increase 0.2%
- Eggs: increase 8.9%
- Energy: increase 0.4%
- Electricity: increase 1.3%
- New Vehicles: increase 0.3%
- Used Vehicles: increase 0.5%
- Apparel: increase 0.1%
- Shelter: increase 0.5%
- Transportation Services: increase 0.1%
- Medical Care Services: increase 0.7%
This higher-than-expected inflation report indicates the Fed's policy of keeping rates the same for months may be working. It may even suggest we could be in for a rate reduction sometime in spring 2024, according to the CME's FedWatch. But not before consumers feel the pinch in their pocket.
Some of the biggest consumer purchases still feel out of reach for so many Americans. These include new homes — the average 30-year fixed mortgage rate currently sits at 7.524% — and new vehicles — which increased in price by 0.3% in only the past month.
And when you consider the average price of a new car as of November 2023 was $48,247, it may seem easier to imagine training your own dragon as a means of transportation than haggling over a vehicle in a chilly January car lot.
New report indicates cars with lowest satisfaction
Many customers feel as though they haven't had the upper hand in quite some time. Cars have been a scarce commodity since the pandemic, and manufacturers hold almost all the pricing power as drivers clamor for bigger, more technologically-capable cars.
But not everyone is clamoring to re-purchase the same models. A 2024 survey by Consumer Reports recently asked its members about their satisfaction with their current vehicles. A score was then assigned to each model, which took into account whether owners indicated they would definitely buy the same vehicle again, plus a few other variables like reliability.
A few cars on this list may be surprising, particularly the ones that seem ubiquitous on the highway or are dubbed as luxury.
Here are the 10 least-satisfying cars:
- Infiniti QX50: 25% would repurchase. Price: $40,850 - $57,900.
- Volkswagen Taos: 38% would repurchase. Price: $23,995 - $33,515.
- Nissan Sentra: 39% would repurchase. Price: $20,630 - $23,720.
- Kia Sorento Hybrid: 42% would repurchase. Price: $36,690 - $59,200.
- Nissan Kicks: 44% would repurchase. Price: $20,790 - $23,350.
- Kia Seltos: 45% would repurchase. Price: $24,390 - $29,990.
- Mercedes-Benz C-Class: 46% would repurchase. Price: $46,950 - $48,950.
- Kia Forte: 47% would repurchase. Price: $19,790 - $25,190.
- Volkswgen Jetta: 47% would repurchase. Price: $21,435 - $28,825.
- Nissan Altima: 48% would repurchase. Price: $25,730 - $35,430.
