1416 ET - Demand for new vehicles has declined year-over-year for the seventh consecutive month as gas prices continue to rise, according to a new report from CarGurus. Affordability pressures are shaping the market for car-buying, the report says. The average listing prices of new vehicles rose 1% to cross back over $50,000 in April while overall new car demand fell 8%. The share of lower-priced inventory meanwhile is shrinking, the report says. Demand for used vehicles picked up earlier this year but has since moderated and slipped in April. Interest in electric vehicles and hybrids has picked up in the wake of rising gas prices, the report says. (dean.seal@wsj.com)

(END) Dow Jones Newswires

May 12, 2026 14:16 ET (18:16 GMT)

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