New York AG sues 23andMe to protect customers' private data
June 10 (Reuters) - The New York Attorney General said in a post on X on Tuesday that her office and group of attorneys general were suing genetic testing firm 23andMe to protect customers' private information after the company filed for bankruptcy in March.
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Auto Blog
28 minutes ago
- Auto Blog
Why Gen Z and Millennials Are Feeling the Most Car Buying Pressure
New data from Bank of America shows that younger buyers are getting the financial short end of the stick at the dealership. Cars continue to be an expensive necessity The United States is a land where its people rely on cars for their everyday transportation needs; however, purchasing a new or used vehicle can often feel like an extensive financial cross-examination rather than a straightforward and effortless transaction at dealerships and car lots. If you have been to your local dealerships, scrolled the options on car-buying websites, or curiously poked around at the newest cars on the websites of any automaker these days, you are probably more than aware that new cars today are very expensive. Previous Pause Next Unmute 0:00 / 0:10 2025 Ford Maverick: 4 reasons to love it, 2 reasons to think twice Watch More According to the latest data from Kelley Blue Book and Cox Automotive, the average cost of a new car in the U.S. reached an astonishing $48,883 as of June 2, 2025; a high price tag that can discourage even the most enthusiastic car buyers. However, recent findings from Bank of America indicate that younger buyers are significantly influencing current trends in the auto market, although their motivations are not always driven by sound financial reasoning. A Hyundai dealership in Richmond, California, US, on Thursday, May 29, 2025. Bank of America: Younger car buyers got the tariff shock When the Trump administration announced a 25% tariff on imported cars and car parts in late March, BofA researchers and analysts saw that some concerned buyers rushed to purchase vehicles before the tariffs could translate into higher sticker prices. The bank saw a sharp spike in car loan applications in late March and April, with sales data peaking at a seasonally adjusted annualized rate (SAAR) of 17.8 million. However, a deeper dive into its data reveals that Gen Z and younger Millennials were much more active in this pre-tariff buying spree than older demographics. From March to May 2025, Bank of America found that large payments (those over $2,000) to car dealers and finance companies were steadily rising among these younger age groups in comparison to older buyers. What this shows is that younger consumers seemed more motivated to lock in prices before tariffs made vehicles even more expensive than they already were. Unlike Baby Boomers or Gen Xers, many Gen Z and Millennial buyers are either purchasing their first or second car, and they're entering the market at an unaffordable time by all kinds of metrics. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The deck is already stacked against younger car buyers According to Bank of America payments data, the median monthly car payment has jumped over 30% since 2019, outpacing the rise in new and used vehicle prices. This data point proves that a car can be a financial ballast for young people who have to balance monthly costs like rent, groceries, student loans, and other miscellaneous subscription-based services they may be in for. Today, one in five U.S. households pays more than $1,000 a month ($12,000 per year) just for their car payments, which can be a massive financial burden for younger buyers. In fact, between June 2024 and May 2025, a significantly higher share of younger buyers saw their monthly car payments climb. Bank of America data shows that Gen Z and younger Millennial car buyers accounted for the biggest year-over-year increase in the percentage of households who paid more than $500 per month for their cars, with some paying $1,000 or more. Toyota Corolla Hatchback SE — Source: Toyota However, the financial data isn't entirely age-related; it's also tied to income. Many younger buyers tend to earn less money and fall into the lower or middle-income brackets, meaning their margins and budgets are tighter than most. According to the report, lower-income buyers also showed increased activity in the pre-tariff rush, further underscoring how policy shifts like tariffs can hit the most vulnerable groups hardest. Nonetheless, young people are committed to car ownership because they need to get around, even if it means buying a car at a time when cars are more expensive than ever and loans are harder to get. According to data from The New York Federal Reserve, the likelihood of getting turned down for a car loan reached 33.5% in February 2025, the highest level on record. The deck is already stacked against younger car buyers According to Bank of America payments data, the median monthly car payment has jumped over 30% since 2019, outpacing the rise in new and used vehicle prices. This data point proves that a car can be a financial ballast for young people who have to balance monthly costs like rent, groceries, student loans, and other miscellaneous subscription-based services they may be in for. Today, one in five U.S. households pays more than $1,000 a month ($12,000/year) just for their car notes, which can be a massive financial burden for younger buyers. In fact, between June 2024 and May 2025, a significantly higher share of younger buyers saw their monthly car payments climb. Bank of America data shows that Gen Z and younger Millennial car buyers accounted for the biggest year-over-year increase in the percentage of households who paid more than $500 per month for their cars, with some paying $1,000 or more. CarMax dealership However, the financial data isn't entirely age-related; it's also tied to income. Many younger buyers tend to earn less money and fall into the lower or middle-income brackets, meaning their margins and budgets are tighter than most. According to the report, lower-income buyers also showed increased activity in the pre-tariff rush, further underscoring how policy shifts like tariffs can hit the most vulnerable groups hardest. Nonetheless, young people are committed to car ownership because they need to get around, even if it means buying a car at a time when cars are more expensive than ever and loans are harder to get. According to data from The New York Federal Reserve, the likelihood of getting turned down for an auto loan reached 33.5% in February 2025—the highest level on record. Final thoughts Although personal finance is a central fixation for some social media-addled Gen Z and younger Millennials, this data from one of America's largest financial institutions shows that many in these age groups are in situations fit for a Caleb Hammer or Dave Ramsay clip floating around on their feeds. What this research means for Gen Z and Millennials is that they are buying more, paying more, and doing it at a time when the deck feels increasingly stacked against them. However, as I have previously mentioned, this highlights just how important it is to approach car buying responsibly and plan financially. It's truly important to take a step back, let the temptation simmer, and examine your financial situation and set a budget that you can actually comfortably afford. By being diligent, you can protect yourself from potential hurdles and make a decision that won't wreck you or your credit. About the Author James Ochoa View Profile
Auto Blog
36 minutes ago
- Auto Blog
Major Nissan Supplier Files for Chapter 11 Bankruptcy
The tier-one supplier cites tariffs, COVID, and the failing to adapt to the EV market as the reasons for its downfall. A perfect storm In a move that emphasizes the financial pressures faced by major global auto suppliers, one of the largest tier-one suppliers in the world has recently filed for Chapter 11 bankruptcy protection in the United States. Marelli supplies lighting systems, electronics, and other critical components to automakers like Nissan, Jeep, Dodge, and Ram. Its parent company, Stellantis, said in its court filings on June 11 that it faced a perfect storm of pandemic-related disruptions, global tariffs, and industry-wide shifts toward electrification prior to its decision to file. 0:02 / 0:09 2025 Ford Maverick: 4 reasons to love it, 2 reasons to think twice Watch More A picture taken on October 22, 2018, in Corbetta, west of Milan, shows the headquarters of the Italian multinational company Magneti Marelli. — Source: Getty Images COVID, semiconductor shortage, and tariffs affected the company For an industry used to navigating cyclical turbulence, Marelli's story reflects just how volatile the landscape has become after the COVID-19 pandemic in 2020. In court documents, Marelli CEO David Slump pointed to long-running disruptions that occurred during the pandemic, including labor shortages and difficulty sourcing raw materials. As if that wasn't a huge problem already, Marelli also got caught up in the global semiconductor shortage, which limited production and halted factories of major automakers and their suppliers. However, Slump says that the final nail in Marelli's coffin was the impact of wide-reaching auto industry tariffs that were imposed earlier this year. Back in March, the Trump Administration announced a new round of levies on imported vehicles and auto parts. For a company like Marelli—formed from the 2019 merger of Fiat Chrysler's parts division, Magneti Marelli, and Calsonic Kansein, a Japanese supplier owned by American private equity firm KKR, and heavily reliant on international trade—the tariffs killed any potential to recover financially. 'Marelli was severely affected by tariffs due to its import/export-focused business,' Slump said in the filing. 'Macroeconomic headwinds associated with the imposition of tariffs in countries around the world' worsened the company's liquidity at a critical time. Nissan Oppama Plant — Source: Nissan Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Marelli tried to adapt to EV demand As automakers shifted resources toward electric vehicles, suppliers like Marelli became involved in a capital-intensive rat race to retool and adapt to a fast-changing marketplace. Billions were spent across the industry to create and support groundbreaking new EV platforms, but suppliers like Marelli were left with fewer orders and the financial burden when EV demand slowed and automakers adjusted or delayed their EV timelines to react to the market. Marelli's Chapter 11 filing is a warning of what's ahead for others in the space. The supplier landscape is changing amid uncertainty and shifting trends in powertrain electrification, and suppliers operate on tight margins. Companies like Marelli feel financial pressure without consistent production volumes or stable regulatory environments. 2026 Jeep Cherokee — Source: Jeep But while Marelli is going through bankruptcy filings, it should be noted that it isn't a liquidation (liquidations occur in a Chapter 7 bankruptcy) but rather a strategic restructuring. Marelli says it intends to continue operating throughout the Chapter 11 process thanks to over $1 billion in debtor-in-possession financing from its lenders. Marelli has backing from more than 80% of its senior lenders, and its plan is to convert a large portion of the company's roughly $5 billion in debt into equity, essentially giving control of the business to its creditors. Currently, the company has some unfinished business with customers. According to Automotive News, Stellantis and Nissan are the two largest unsecured creditors listed in the bankruptcy filing. Marelli said it owes Stellantis $454 million and $313 million to Nissan. 'For Nissan, securing a stable supply chain is essential. We are committed to support Marelli to maintain its revenue generation and will coordinate with Marelli's other customers while actively monitoring the supply chain to prevent disruptions,' Nissan told AutoNews in an emailed statement. Dodge Charger Daytona Scat Pack — Source: Stellantis Final thoughts For now, Marelli insists that operations will continue, but its situation is an example of how interconnected and fragile the modern automotive ecosystem is. Tariffs, pandemics, supply shortages, and technology transitions aren't just speed bumps for automakers; they could mean life or death for the companies that keep the car industry running behind the scenes. Marelli may be the first, but it probably won't be the last. About the Author James Ochoa View Profile
Auto Blog
36 minutes ago
- Auto Blog
These 10 Used Cars Saw the Biggest Value Losses in 2025
Tesla dominated the depreciation charts, but it wasn't alone. From luxury EVs to plug-in hybrids, these models lost thousands in value over the past year. A good time to be a buyer Used car prices are finally starting to creep upward after two years of post-pandemic corrections, but that doesn't mean every vehicle is gaining value. According to a new study by iSeeCars analyzing 2.4 million used sales in May 2024 and May 2025, several once-popular models are still dropping fast, especially in the electric vehicle and luxury categories. While the average 1- to 5-year-old used car now costs $32,317 — up 2% from a year ago — some vehicles lost 10% or more of their value. Here are the top 10 biggest losers in 2025. Tesla Model S Tesla Model S — Source: Tesla No vehicle lost more value this year than the Tesla Model S. Once a status symbol for early EV adopters, the average used Model S dropped 16% year-over-year, shedding $8,837 to land at an average price of $46,503. For a vehicle that started well north of $80,000 when new, that's a significant fall, and a reflection of how quickly electric luxury sedans are depreciating. While newer versions still offer jaw-dropping performance and range, the used market is clearly pulling back as buyers consider alternatives with newer battery tech or lower operating costs. Tesla Model Y Tesla Model Y — Source: Tesla The Model Y may be Tesla's best-selling vehicle, but it couldn't avoid a steep value drop. Over the past 12 months, the average used Model Y declined by 14.2%, losing $4,945 in value to settle at $29,789. Several factors likely contributed to the slide, including Tesla's repeated price cuts for new vehicles, increasing competition from other EV crossovers, and growing scrutiny of the brand's quality and leadership. For used buyers, however, this could be a golden opportunity to get into an EV with solid range at a relatively affordable price. Porsche Taycan Porsche Taycan GTS and GTS Sport Turismo — Source: Porsche With an average price of $75,644, the Porsche Taycan remains one of the priciest used EVs on the market, but it's also one of the fastest depreciating. Over the past year, Taycan prices dropped 12.7%, a raw-dollar loss of nearly $11,000. This luxury electric sedan wowed buyers with its performance when it launched, but newer rivals and rapid improvements in EV technology have chipped away at its appeal. Add in the fact that high repair and ownership costs are common with premium German vehicles, and it's no surprise the Taycan is struggling to hold its value. Ford Explorer Hybrid 2025 Ford Explorer — Source: Ford Not all of the biggest depreciation stories are luxury EVs. The Ford Explorer Hybrid lost 11.3% of its value over the past year, dropping by $4,044 to an average of $31,811. The hybrid version of this three-row SUV offers better fuel economy than its gas-only counterpart, but not enough to justify the price premium in the eyes of many used car shoppers. Combined with lackluster reviews and a competitive midsize SUV segment, the Explorer Hybrid has become a tougher sell on the used market. Tesla Model 3 2024 Tesla Model 3 Performance — Source: Tesla Even Tesla's most accessible model isn't immune to falling values. The Model 3 saw a 10.8% decline in resale value this year, losing $3,078 to reach an average used price of $25,361. For years, the Model 3 was seen as the EV market's standard bearer, but recent price drops on new versions and a flood of supply on the used market have pushed values lower. That's bad news for current owners, but for buyers, it means it's now possible to find a well-equipped used Model 3 for under $30,000. Jeep Gladiator 2025 Jeep Gladiator — Source: Stellantis The Jeep Gladiator blends pickup utility with Wrangler off-road DNA, but its value hasn't held up. Over the past year, Gladiator prices dropped by 10.7%, translating to a $4,112 decline and bringing the average price down to $34,253. Part of the problem may be that the novelty of the Gladiator has worn off, and high fuel costs aren't doing rugged, body-on-frame trucks any favors. Still, for fans of outdoor adventure and removable doors, the falling price could be an invitation. Ford Escape Plug-In Hybrid 2023 Ford Escape Plug-In Hybrid — Source: Ford The second Ford on this list is the Escape Plug-In Hybrid, which saw its average resale price drop by 10.7%, or $3,139, bringing it to $26,201. Plug-in hybrids occupy a strange space in the market — not quite electric, not quite gas — and that ambiguity seems to be hurting their resale values. While the Escape PHEV offers decent range and good efficiency, used car buyers may be opting for more straightforward hybrid or EV options instead. Mercedes-Benz GLB 2025 Mercedes-Benz GLB — Source: Mercedes-Benz The Mercedes-Benz GLB is a boxy compact luxury SUV that offers surprising space for its size. Even with that practicality, the GLB lost 9.9% of its value in the past year, about $3,566, bringing its average price to $32,403. Luxury brands often depreciate quickly, especially in the entry-level segments, and the GLB appears to be no exception. Buyers who want a badge and some upscale features without paying new-car prices might find this model appealing — just be ready for premium maintenance costs. Maserati Levante 2021 Maserati Levante Hybrid Maserati's Levante SUV combines exotic styling and performance with an SUV form factor, but its resale value is anything but stable. Prices dropped 9.5% year-over-year, falling by $4,663 to an average of $44,433. That's a steep decline for a vehicle that often carried six-figure MSRPs when new. As with many ultra-luxury brands, the Levante suffers from high depreciation, limited service networks, and concerns about long-term reliability — all of which make used buyers cautious. Tesla Model X Tesla Model X — Source: Tesla Rounding out the list is Tesla's largest vehicle, the Model X. This full-size SUV with its distinctive Falcon Wing doors saw a year-over-year price drop of 8.9%, or $5,292, putting the average price at $54,004. As new EV SUVs enter the market and Tesla's own software and hardware evolve quickly, older Model X units may start to feel dated. Still, for families seeking an all-electric ride with plenty of space and performance, a used Model X is now significantly more attainable than it was even a year ago. Final thoughts As a whole, used car prices are trending upward, but these 10 models show that the market is still volatile for certain segments. Electric vehicles, plug-in hybrids, and luxury SUVs are depreciating quickly, offering opportunities for savvy buyers willing to take on the risks that come with advanced tech or high-end nameplates. For sellers, the message is less optimistic. Anyone trying to offload a used Tesla, Maserati, or hybrid SUV may be in for a surprise, especially compared to the sky-high values seen in 2021 and 2022. But for buyers, particularly those hunting for an electric deal, 2025 may be the best time in years to find one. About the Author Elijah Nicholson-Messmer View Profile
