Will 2023 Be the Time to Finally Buy a Car?

The past few years have been tough on the new and used car markets. From supply chain issues to price increases and production slowdowns, buying a car has not been easy. But 2023 is a new year, and many experts predict more stability and lower prices. So, is 2023 the time to finally head to used car dealers and buy a car? Let’s take a closer look at what we might see coming in the auto industry.

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Mercedes-Benz EV has a New Acceleration Increase Package
Subscribe for Speed? Mercedes-Benz EV has a New Acceleration Increase Package – And Nobody Seems to be Happy About it

It started with car loans – breaking up a big purchase into smaller, more manageable payments over a longer period of time. Then, it became additional features – Bluetooth connections and customizable radio packages that enhance your driving experience.

Now, it’s speed – by paying more, your car can drive faster, and its engine performs better, according to a new package being rolled out at Mercedes dealer locations that sell EQE models. But what does that actually mean for drivers, BMW as a company, and the future of vehicle subscriptions?

What the Acceleration Increase Package Actually Does

The Acceleration Increase Package is a $1,200 per year subscription that makes acceleration quicker and improves torque for Mercedes-Benz’s EV models. For some, like the EQE 350 4Matic SUV, this can make a vehicle go 0-60mph in 5 seconds instead of 6.

That’s a pretty big improvement in acceleration and performance, and it’s one that anyone who enjoys fast cars would love! It’s also a great selling point for a luxury vehicle brand – you’re already visiting a Mercedes dealer for a good car, so why not get a package that makes it even better?

Here’s the problem: the hardware and technology are already in the vehicle from when you buy it. You just can’t use it until you pay an additional fee. BMW already made vehicles able to run this well – they just won’t sell them to you as-is.

If that sounds strange or unfair to you, you’re not alone. Subscription services for vehicles have already been getting negative feedback, and BMW’s latest package is just one of many.

BMW’s Other Packages and Subscription Attempts

BMW isn’t the first vehicle manufacturer to offer subscription services related to pre-installed features. Earlier in 2022, for example, GM announced a mandatory OnStar subscription for models like Buick and Cadillac.

This isn’t even the first package or feature BMW has provided for a monthly fee! Features like heated seats and steering wheels, as well as dash cam access, have either a one-time or monthly cost for BMW drivers. The company also had plans to charge vehicle owners a subscription fee for the use of Apple CarPlay, but ended up scrapping them.

So if this isn’t the first vehicle subscription service the company has tried to push onto consumers, the real question to ask is this: will it be the last?

The Future of Subscription Services and Laws for Vehicles

Earlier in 2022, New Jersey lawmakers began introducing legislation to ban vehicle subscription services just like the one BMW is offering. The bill would specifically prohibit automakers and dealers from charging ongoing fees for hardware that’s already present in vehicles at the time of purchase.

This means that not only would BMW be unable to offer the Acceleration Increase Package, but Mercedes dealers wouldn’t be able to tack on their own fees once vehicles are in their showrooms.

Is this the future of EVs that manufacturers intended? Or is it merely an unfortunate sign of the times? Hopefully, it’s the latter, and new laws and negative feedback can help carmakers make positive changes away from this trend.

Discount Incentive for Chevy Bolt
Bouncing Back: GM Decides to Continue Discount Incentive for Chevy Bolt Through End of 2022

Good news for people interested in the Chevy Bolt – GM has decided to continue the multi-thousand dollar discount for purchasing the Bolt EV and EUV through the end of 2022 instead of just August.

But while this may seem like great news, there’s more happening here. From recalls at Chevrolet dealer locations to tax credit changes, there’s a lot to talk about with the Chevy Bolt and its discount.

Chevy Bolt’s Bad Reputation

People keeping up with the latest from General Motors may remember that the company had to recall every Chevy Bolt made between 2019 and 2022. Reports said it was due to battery fires caused by defects in LG’s manufacturing of the batteries.

While GM acted swiftly by removing even brand new Bolts on the lots of Chevrolet dealers and communicating with anyone who’d purchased affected vehicles, this still left many customers unhappy and tanked the reputation of the Chevy Bolt.

Even though the situation has been resolved, GM may have decided to sell the rest of the available 2022 Bolt and Bolt EUVs at a reduced price to smooth things over for customers.

Price Changes and Incentives

So what is the big discount the Chevy Bolt is getting? Just under $6,000 for the Bolt and close to $6,500 for the EUV. This means a base model Bolt would cost $26,000 new, while the baseline Bolt EUV is $28,000. This includes the $1,000 destination fee for delivering the vehicle to a Chevrolet dealer near you.

This discount makes the Chevy Bolt the most affordable EV currently on the market. The new price beats out EVs from manufacturers like Nissan, which used to be known for their affordability.

It’s only guaranteed until December 31st, 2022, so buyers must act quickly to take advantage of the new affordable pricing.

The Future for the Bolt

But that leaves the question of what will happen to the Bolt after this promotional incentive ends.

GM, like Tesla, no longer has the EV tax credit to fall back on to provide incentives for consumers to transition to electric vehicles without paying more out of pocket or reducing manufacturer profit. A new Inflation Reduction Act may help create a new EV-specific credit, but there’s no guarantee that it’s coming any time soon.

This means that the Chevy Bolt’s bad reputation and lack of incentives may hurt its chances of survival in 2023 and beyond. It may be discontinued like the Volt. Or maybe it will survive as a less-desirable EV option.

Either way, it’s important to remember that if you want a Chevy Bolt, this is the best time to get one. They’ve been heavily inspected and repaired after the battery issues they faced, and the current discount available shaves thousands of dollars off the sale price.

Now may be the only good time to head down to your local Chevrolet dealer and find out what you can do to get an affordable Chevy Bolt or Bolt EUV.

When Will Used Car Prices Drop?
When Will Used Car Prices Drop?

The used cars for sale at your local dealer skyrocketed in price last summer, and we’re still waiting for these prices to come back down. If you’re wondering whether or not we’ll ever see the pre-pandemic pricing of used vehicles, that’s highly unlikely. As unpredictable as the pandemic was, the used car market was heading toward an over-saturated position with the massive number of new car sales leading up to 2018, but the supply chain issues caused by the pandemic changed that quickly. Today, some dealers are almost begging for consumers to trade in their vehicles for a new one, so that they can fill their used lots. Read More

usedcars
The Safest Used Cars Under $10,000

Many consumers are looking at used cars right now as new inventories continue to fluctuate. However, if safety and affordability are your top concerns, you might be wondering how you can get both with a used car. The truth is, you can definitely get both. Let’s take a look at some safe and very affordable used cars that you can pick up for less than $10,000 in most cases.

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