Gas Prices Hold Steady Nationally, Temporary Increases Seen in Some Regions
Gas prices have seen a temporary increase in some U.S. regions, though the national average remains steady at $3.18 per gallon, unchanged from last week. Prices are down 13 cents from a month ago and 65 cents lower than a year ago. The rise in oil prices following a Federal Reserve interest rate cut has led to slight increases in some states, but these are expected to be short-lived, with further declines anticipated. Regions like California, Nevada, and Arizona, which missed recent drops due to refinery issues, should see relief soon. Diesel prices, however, have risen in late September. Regionally, gas prices vary, with the Gulf Coast at $2.73 per gallon and the West Coast at $4.11. Mississippi has the lowest prices at $2.71.
Recalls Impacting Toyota, GM, Ford, and Explorer Hybrid Models
Toyota is recalling around 42,000 Corolla Cross Hybrid SUVs (2023-24 models) due to a brake pedal issue that may cause unresponsiveness while turning, increasing crash risk. Dealers will update the brake actuator's software for free, with notifications to owners expected by late November.
Wholesale Used-Vehicle Prices Decline in Early September Amid Lower Depreciation and Improving Consumer Sentiment
Wholesale used-vehicle prices declined by 0.2% in the first half of September, with the Manheim Used Vehicle Value Index dropping to 203.6, down 5% year-over-year. Non-seasonally adjusted prices rose slightly by 0.2% from August but remained 4.6% lower than last year. Despite a typical cooling after Labor Day, depreciation trends in the wholesale market have been lower than usual. Segment-wise, pickups saw the largest year-over-year decline at 7.5%, while compact cars increased by 2.4% compared to August. Electric vehicles dropped 6.8% from 2023, though they rose 1.1% from August. Wholesale supply in mid-September rose to 26 days, and consumer sentiment improved, reaching its highest level since May. Gas prices dropped 3.8% month-to-date, with further declines anticipated.