Consumers Are Paying More Than Ever For Cars

Consumers Are Paying More Than Ever For Cars

Assessment

Interactive Video

Business, Architecture

University

Hard

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The video discusses the challenges in the car market, highlighting a JD Power study that shows a decline in new car reliability due to supply chain issues, particularly chip shortages. Car prices have reached record highs, impacting consumer finances significantly. The used car market is also affected, with prices rising sharply. Many Americans rely on personal vehicles, making these issues critical. The market is not expected to normalize until 2024, with manufacturers like General Motors producing cars without certain features due to shortages.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason for the decline in new car reliability according to the study?

Lack of skilled labor

Higher production costs

Supply chain shortages

Increased consumer demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much has the average car payment increased to, as mentioned in the video?

$500 a month

$600 a month

$800 a month

$700 a month

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

By what percentage did the price of used cars increase compared to May of last year?

14%

10%

12%

16%

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of Americans rely on a personal car to commute to work?

60%

50%

75%

85%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When do car dealers expect the supply chain issues to potentially normalize?

2025

2022

2023

2024