Is a weak dollar a good thing? If you’re asking the U.S. car industry, it most definitely is. Imported car prices have reached their highest point in the last 12 years, thus driving some of their prospective buyers away.
According to the U.S. Bureau of Economic Analysis, in August the average price of an imported car reached a record high of $31,536. That makes the price difference between a comparable domestic-made car $7,614, which is the largest since December 1999.
Add to that the severe supply issues faced by the Japanese manufacturers, who are only now starting to recover from the aftermath of the March 11 earthquake, and it’s easy to see why more and more American car buyers are choosing domestic brands instead.Read more »