Latest news with #vehicleprices
Jordan Times
5 days ago
- Automotive
- Jordan Times
‘Local vehicle prices witness significant' decrease after reducing taxes'
AMMAN — Vehicle prices in the local market have seen a "notable" decline following the government's recent decision to reduce the total taxes imposed on vehicles in an effort to ease financial burdens on citizens. According to the Jordan Automotive Dealers Association (JADA), the price drop on new vehicles, across various types and models, ranges between JD1,600 and JD10,000, depending on engine capacity, the Jordan News Agency, Petra, reported. In June, the Cabinet approved an amended regulation to the 2025 Special Tax Law, which included reductions in the general and special taxes on vehicles. The move is part of a broader set of government measures aimed at stimulating the economy and alleviating financial pressures on the public. Petra on Wednesday monitored several promotional advertisements from car dealerships and agencies offering discounts of up to JD5,000, particularly on newer models. JADA Secretary Zaid Abdallat said that automobile showrooms have experienced increased activity thanks to the government's reform package, which has "positively" impacted car prices across all categories and driven consumer interest in purchasing new vehicles. Abdallat added that the tax cuts have 'restored balance' among different vehicle categories, giving consumers more freedom to choose from a wider range of options at "unprecedented" prices. He noted that new vehicles with manufacturer warranties have now become a "viable" alternative to used or imported cars, which often lack warranty coverage and after-sales support granted from authorised dealers.
Zawya
5 days ago
- Automotive
- Zawya
Jordan: ‘Local vehicle prices witness significant' decrease after reducing taxes'
AMMAN — Vehicle prices in the local market have seen a "notable" decline following the government's recent decision to reduce the total taxes imposed on vehicles in an effort to ease financial burdens on citizens. According to the Jordan Automotive Dealers Association (JADA), the price drop on new vehicles, across various types and models, ranges between JD1,600 and JD10,000, depending on engine capacity, the Jordan News Agency, Petra, reported. In June, the Cabinet approved an amended regulation to the 2025 Special Tax Law, which included reductions in the general and special taxes on vehicles. The move is part of a broader set of government measures aimed at stimulating the economy and alleviating financial pressures on the public. Petra on Wednesday monitored several promotional advertisements from car dealerships and agencies offering discounts of up to JD5,000, particularly on newer models. JADA Secretary Zaid Abdallat said that automobile showrooms have experienced increased activity thanks to the government's reform package, which has "positively" impacted car prices across all categories and driven consumer interest in purchasing new vehicles. Abdallat added that the tax cuts have 'restored balance' among different vehicle categories, giving consumers more freedom to choose from a wider range of options at "unprecedented" prices. He noted that new vehicles with manufacturer warranties have now become a "viable" alternative to used or imported cars, which often lack warranty coverage and after-sales support granted from authorised dealers. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
CTV News
17-07-2025
- Automotive
- CTV News
New vehicle sales up 5%, but analysts warn of market slowdown
Trade disruptions and increased cost pressures caused by U.S. tariffs have been widely expected to raise vehicle prices. (Robert Lothian/CTV News Windsor) New vehicle sales in Canada continued to show spring gains, despite trade headwinds. According to Statistics Canada, 194,524 new motor vehicles were sold in May, signifying a five per cent increase compared to the same month in 2024. At Reaume Chevrolet in LaSalle, it's been a 'banner year' with cars flying off the lot. 'It's been just the foot to the floor nonstop,' said Jesse Howell, the dealership's general sales manager. A nationwide increase does not come as a surprise for Howell, who said both new and pre-used vehicles have seen an increase in sales at his dealership. Trade disruptions and increased cost pressures caused by U.S. tariffs have been widely expected to raise vehicle prices. 'If anything, it's maybe put a little bit of pressure on customers to, if you were concerned about the market, get out early and get ahead of it,' Howell said. A separate StatsCan report found the cost of passenger vehicles rose 4.1 per cent year over year in June. Though the car market performed well in the first half of the year, analysts believe it will be short-lived. Sam Fiorani, the vice-president of Global Vehicle Forecasting at AutoForecast Solutions, believes early sales success is due to buyers getting ahead of potential price increases. 'Just because the tariffs are on the U.S. side does not mean that Canada is going to get away without increased costs, and consumers see that,' Fiorani told CTV News. Despite a projected 'less robust' second half, Fiorani added Canadian sales are expected to be good compared to the last five years. 'This is a particularly good year relative to those. It's not compared to historically historic highs of about ten years ago,' Fiorani noted. A similar picture was painted in a July 9 auto sales outlook released by Scotiabank. 'The automotive sales rate is expected to remain soft through the second half of 2025 as softer labour markets and uncertainty weigh on consumer spending growth,' the report reads. Economists for the bank believe Canadian light vehicle sales will total about 1.8 million in 2025 and fall slightly in 2026.
CTV News
09-07-2025
- Automotive
- CTV News
U.S. used car prices surge as tariffs drive market volatility
'Sale' is spelled out in the open hoods of used cars at a Toyota dealership on Sept. 18, 2010. (AP / Reed Saxon) A gauge of U.S. used vehicle prices sold at wholesale auctions that proved predictive ahead of the inflation surge following the COVID pandemic is climbing again, last month notching its largest annual increase in nearly three years. The rise comes amid ongoing vehicle price and sales volatility connected to auto tariffs imposed by U.S. President Donald Trump. The Manheim Used Vehicle Value Index rose 1.6 per cent in June from May on a seasonally adjusted basis and surged 6.3 per cent from a year earlier, the largest year-over-year increase since August 2022, according to data released on Tuesday. At 208.5, the index has been trending upward for a year and is now at its highest since October 2023. 'Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted new sales and supply, which impacted the used marketplace as well,' said Jeremy Robb, senior director of economic and industry insights at Cox Automotive, which provides the index. Price pressures typically ease in the second half of the year, but Robb said retail vehicle sales remain 'a bit hotter than prior years' and the supply of vehicles coming off lease into the used-car market has been trending downward, 'two factors which should be fairly supportive of higher values as we move onward.' Trump's 25 per cent tariff on imported autos prompted a surge in new vehicle-buying during the early spring as consumers sought to front-run anticipated price increases from the levies. Sales fell off substantially in May and dropped again in June. Overall inflation has so far defied the predictions of most economists, but many Federal Reserve officials remain convinced some sort of price surge will follow and are hesitant to cut interest rates until satisfied that risk has passed. Manheim's index in recent years has caught the eye of private economists and some Fed officials who saw it as among the early indicators auguring for a more substantial, and long-lasting, bout of inflation as the economy emerged from the pandemic in 2021 and 2022. The index began a sharp climb in late 2020 that persisted for more than a year. By mid-2022, overall U.S. inflation as measured by the Consumer Price Index had topped 9% and was the highest since the 1980s. Fed Governor Christopher Waller in the fall of 2021 warned against 'selectively ignoring data series - be it used car prices, food and energy prices or household surveys of inflation expectations. All of these series convey important information about the evolution of inflation, and one should exhibit caution in dismissing data as outliers.' At the time, Waller was building the case for interest rate hikes to combat still-building inflation that some of his colleagues considered 'transitory.' Now, though, Waller, who is viewed to be among those Trump is considering as a successor to Fed Chair Jerome Powell, appears more concerned the tariff increases will hurt demand rather than stoke another lasting bout of inflation. Waller said recently he was open to cutting rates as early as the Fed's meeting later in July. --- Reporting by Dan Burns; Editing by Chris Reese
Reuters
09-07-2025
- Automotive
- Reuters
US used car prices surge as tariffs drive market volatility
July 8 (Reuters) - A gauge of U.S. used vehicle prices sold at wholesale auctions that proved predictive ahead of the inflation surge following the COVID pandemic is climbing again, last month notching its largest annual increase in nearly three years. The rise comes amid ongoing vehicle price and sales volatility connected to auto tariffs imposed by President Donald Trump. The Manheim Used Vehicle Value Index rose 1.6% in June from May on a seasonally adjusted basis and surged 6.3% from a year earlier, the largest year-over-year increase since August 2022, according to data released on Tuesday. At 208.5, the index has been trending upward for a year and is now at its highest since October 2023. 'Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted new sales and supply, which impacted the used marketplace as well,' said Jeremy Robb, senior director of economic and industry insights at Cox Automotive, which provides the index. Price pressures typically ease in the second half of the year, but Robb said retail vehicle sales remain "a bit hotter than prior years" and the supply of vehicles coming off lease into the used-car market has been trending downward, "two factors which should be fairly supportive of higher values as we move onward.' Trump's 25% tariff on imported autos prompted a surge in new vehicle-buying during the early spring as consumers sought to front-run anticipated price increases from the levies. Sales fell off substantially in May and dropped again in June. Overall inflation has so far defied the predictions of most economists, but many Federal Reserve officials remain convinced some sort of price surge will follow and are hesitant to cut interest rates until satisfied that risk has passed. Manheim's index in recent years has caught the eye of private economists and some Fed officials who saw it as among the early indicators auguring for a more substantial, and long-lasting, bout of inflation as the economy emerged from the pandemic in 2021 and 2022. The index began a sharp climb in late 2020 that persisted for more than a year. By mid-2022, overall U.S. inflation as measured by the Consumer Price Index had topped 9% and was the highest since the 1980s. Fed Governor Christopher Waller in the fall of 2021 warned against "selectively ignoring data series - be it used car prices, food and energy prices or household surveys of inflation expectations. All of these series convey important information about the evolution of inflation, and one should exhibit caution in dismissing data as outliers." At the time, Waller was building the case for interest rate hikes to combat still-building inflation that some of his colleagues considered "transitory." Now, though, Waller, who is viewed to be among those Trump is considering as a successor to Fed Chair Jerome Powell, appears more concerned the tariff increases will hurt demand rather than stoke another lasting bout of inflation. Waller said recently he was open to cutting rates as early as the Fed's meeting later in July.
