Business – Page 125

Dunkin’ adds breakfast tacos to morning menu in a sea of savory fast food competition

March 24, 2023 by WDNY Radio

(NEW YORK) — From the iconic Egg McMuffin at McDonald’s to French Toast Sticks at Wendy’s, the competition among fast food chains to serve Americans breakfast has registered another entry.

Dunkin’ launched its latest menu offering, Breakfast Tacos, on Wednesday to capitalize on consumers’ love of on-the-go options to start the day.

The tacos are made with a flour tortilla, scrambled eggs, melted sharp white cheddar cheese, fire-roasted corn and a drizzle of lime crema. Customers can enjoy the tacos as they come or order them topped with crumbled bacon.

The quick service coffee and doughnut chain noted in a press release that the tacos have “spring-forward ingredients” including the fire-roasted corn, though it wasn’t clear whether those ingredients are fresh, frozen or canned. According to the Seasonal Food Guide, corn is at its peak from May through September, so whatever the case, Dunkin’ seems to be getting a head start.

Jill McVicar Nelson, Dunkin’s chief marketing officer, said in a statement that the culinary team developed the tacos with “the vibrancy of Spring in mind” and hailed them as “undoubtedly one of the tastiest savory items we’ve launched.”

The Massachusetts-based chain’s tacos differ in ingredients and flavors from that of the beloved Tex-Mex breakfast item.

Breakfast tacos have a long history as a beloved favorite across Texas, from San Antonio to Austin, where chains like Veracruz All Natural and Torchy’s offer a variety of fresh, locally made tortillas filled with flavorful fillings, such as the classic Migas taco — made with eggs, tortilla chips, tomatoes, onion and peppers or chiles, cheese and, most times, avocado.

Dunkin’s new offering leans more towards Southwestern flavors, treating the corn like a traditional Mexican street food, esquites, which are charred kernels with white cheese, spices, mayonnaise and lime.

With its new Breakfast Tacos, Dunkin’ is going up against the likes of Taco Bell, which offers an array of breakfast burritos and breakfast quesadillas, McDonald’s, which offers sausage breakfast burritos and more traditional breakfast sandwiches, Burger King’s eggnormous burrito, Carl’s Jr.’s Big Country Breakfast Burrito and even more from regional chains.

The new menu item is slated to be served any time of day as breakfast, a midday snack or late night bite and can be purchased for $2.59 without bacon or $2.99 with the crispy crumbled bacon topping.

TikTok CEO Shou Zi Chew testimony updates: Company hopes to stave off possible ban

March 23, 2023 by WDNY Radio

(WASHINGTON) — A high-stakes standoff between the U.S. government and social media app TikTok over a potential ban is set for a reckoning on Thursday when TikTok CEO Shou Zi Chew testifies before a committee of House lawmakers.

The China-based app, which counts more than 150 million U.S. users each month, has faced growing scrutiny from government officials over fears that user data could fall into the possession of the Chinese government and the app could be weaponized by China to spread misinformation.

There is no evidence that TikTok has shared U.S. user data with the Chinese government, but policymakers fear that the Chinese government could compel the company to do so.

Here’s how the news is developing. All times Eastern:

Mar 23, 9:53 AM EDT
TikTok CEO will likely face opposition from lawmakers

TikTok CEO Shou Zi Chew will likely encounter sharp criticism from some members of the Republican-led House committee, which oversees energy and commerce.

A number of Republican members of Congress have backed a ban of the app.

The House Foreign Affairs Committee, a separate body, voted earlier this month to approve a bill that would give Biden the authority to ban TikTok.

The Biden administration this month endorsed a different bipartisan bill, which does not specifically target TikTok but empowers the federal government to ban electronics or software with foreign ties, such as TikTok.

Stiffening its stance further, the Biden administration last week demanded that TikTok’s owner, ByteDance, sell its stake in the app or risk getting banned, the company and a U.S. official previously told ABC News.

Mar 23, 9:39 AM EDT
TikTok CEO expected to directly confront possible ban

TikTok CEO Shou Zi Chew will address a potential ban, outlining how such a measure would ultimately harm the U.S. economy, according to his prepared remarks posted on the House committee’s website.

TikTok hosts accounts for 5,000 U.S.-based businesses and employs 7,000 workers across the country, Chew said in a video posted on Tuesday.

“We do not believe that a ban that hurts American small businesses, damages the country’s economy, silences the voices of over 150 million Americans, and reduces competition in an increasingly concentrated market is the solution to a solvable problem,” his prepared remarks say.

Chew plans to tout Project Texas, an ongoing effort that he says keeps all data on U.S. users within the country through a partnership with Austin, Texas-based cloud computing company Oracle.

“Bans are only appropriate when there are no alternatives. But we do have an alternative,” Chew will say.

TikTok CEO to testify on Capitol Hill amid calls for ban on app

March 23, 2023 by WDNY Radio

The prospect of a nationwide TikTok ban has escalated from a theoretical possibility to a serious policy consideration, drawing growing support in Washington, D.C.

The Biden administration last week demanded that TikTok’s owner, ByteDance, sell its stake in the app or risk getting banned, the company and a U.S. official previously told ABC News.

In the high-profile appearance on Capitol Hill, Chew will directly confront the possibility of a ban, outlining how such a measure would ultimately harm the U.S. economy, according to his prepared remarks posted on the committee’s website.

He also aims to dispel concerns among U.S. officials that ByteDance could be compelled to share information with the Chinese government or to comply with directives to manipulate U.S. users, the prepared remarks say.

Chew plans to tout Project Texas, an ongoing effort that he says keeps all data on U.S. users within the country through a partnership with Austin, Texas-based cloud computing company Oracle.

“Bans are only appropriate when there are no alternatives. But we do have an alternative,” Chew will say.

The Chinese government has not requested U.S. user data from TikTok, nor would the company fulfill such a request if it were made, Chew will say.

There is no evidence that TikTok has shared U.S. user data with the Chinese government, but recent news stories have called into question the security of U.S. user data.

TikTok engineers based in China gained access to intimate information on U.S. users, BuzzFeed reported in June.

Months later, in December, a Forbes report found that Bytedance tracked the location of multiple U.S.-based Forbes journalists as part of an effort to identify the source of company leaks.

Before the House, Chew plans to denounce the “misguided attempt” to unearth the leakers, saying the employees involved are no longer at the company.

“Another important part of being a responsible steward of user data is owning up to our mistakes and making changes to address them,” his prepared remarks say. “I condemn this misconduct in the strongest possible terms.”

Chew will likely encounter stiff opposition from some members of the Republican-led committee, which oversees energy and commerce. A number of Republican members of Congress have backed a ban of the app.

The House Foreign Affairs Committee, a separate body, voted earlier this month to approve a bill that would give Biden the authority to ban TikTok.

A potential TikTok ban raises concerns about limits placed on free speech and would likely face a legal challenge, some experts and civil liberties advocates previously told ABC News.

In a letter to federal lawmakers last month, the American Civil Liberties Union voiced opposition to a full ban of TikTok.

“Congress must not censor entire platforms and strip Americans of their constitutional right to freedom of speech and expression,” said Jenna Leventoff, senior policy counsel at the ACLU.

In testimony on Wednesday, Chew is expected to mention the importance of free expression but he will sustain an emphasis on the safety of user data and the value of TikTok for the U.S. economy, according to his prepared remarks.

TikTok hosts accounts for 5,000 U.S.-based businesses and employs 7,000 workers across the country, Chew said in a video posted on Tuesday.

“Although some people may still think of TikTok as a dancing app for teenagers, the reality is that our platform and our community have become so much more for so many,” Chew’s prepared remarks say.

Foot Locker announces plan to close 400 stores by 2026

March 22, 2023 by WDNY Radio

(NEW YORK) — Foot Locker plans to close 400 stores in North America by 2026 as it rebrands part of its business, the company announced Monday.

The company plans to close many underperforming stores in shopping malls while focusing on strengthening its standalone stores with new concepts, Foot Locker said during its Investor Day presentation.

“We are entering 2023 with a focus on resetting the business — simplifying our operations and investing in our core banners and capabilities to position the company for growth in 2024 and beyond,” Foot Locker president and CEO Mary Dillon said in a news release on the company’s website.

One of its announced plans is called “Lace Up,” which aims to target consumers and focus on “all things sneakers,” the company announced in its presentation.

“We are incredibly excited to introduce our ‘Lace Up’ plan with a new set of strategic imperatives and financial objectives that are designed to set us up for success for the next 50 years,” Dillon said.

Next year Foot Locker celebrates its 50th anniversary.

Despite the plan to close hundreds of stores in North America within the next three years, the company plans to expand its footprint by opening 280 stores that focus on its community, power store and house of play concepts.

The sports apparel company also announced the closing of 125 of its Champ Sports stores in 2023 and resetting the brand to focus heavily on people who are more active in sports and fitness.

As of January, the company operates over 2,700 stores in 29 countries in North America, Europe, Asia, Australia and New Zealand.

Sales decreased by 0.3% during the company’s fourth quarter compared to the same quarter in 2021.

According to the company, Foot Locker plans to decrease its overall real estate footprint by 10% in 2026, leaving it with 2,400 stores.

US banking system ‘sound and resilient,’ Fed Chair Jerome Powell says

March 22, 2023 by WDNY Radio

(WASHINGTON) — Federal Reserve Chair Jerome Powell on Wednesday called the U.S. banking system “strong and resilient,” voicing confidence in the nation’s financial system and the safety of bank deposits less than two weeks after the failure of Silicon Valley Bank, the second-biggest bank collapse in U.S. history.

“All depositors’ savings in the banking system are safe,” Powell added in remarks made at a press conference in Washington, D.C.

While characterizing recent financial problems as limited to a small part of the banking sector, Powell defended the swift and extraordinary actions undertaken by the Fed and other federal agencies to protect the financial system.

“In the past two weeks serious difficulties at a small number of banks have emerged,” Powell said. “History has shown that isolated banking problems, if left unaddressed, can undermine confidence in healthy banks and threaten the ability of the banking system as a whole to play its vital role in supporting the savings and credit needs of households and businesses.”

The remarks from Powell came minutes after the Fed announced a 0.25% increase of its benchmark interest rate, intensifying the central bank’s fight against inflation despite concern that previous rate increases helped trigger the nation’s banking crisis.

Inflation has fallen significantly from a summer peak, though it remains more than triple the Fed’s target of 2%.

“Inflation remains too high,” Powell said. “We remain strongly committed to bringing inflation back down to our 2% goal.”

The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure and cascading damage for the financial sector, including the collapse of New York-based Signature Bank.

Fearing wider spread of the crisis, the Federal Deposit Insurance Corporation, the Treasury Department and the Fed took a major step, telling depositors in Silicon Valley Bank and Signature Bank that the FDIC would protect all of their funds, including those that exceed the $250,000 limit.

Some members of Congress have criticized Powell for allegedly lax bank oversight at the Federal Reserve, as well as an aggressive series of interest rate hikes, which they say led to the collapse of Silicon Valley Bank.

On Wednesday, Sen. Elizabeth Warren, D-Mass., and Sen. Rick Scott, R-Fla., proposed legislation that would establish an independent inspector general to oversee the Federal Reserve.

Speaking on Wednesday, Powell said the Federal Reserve is watching developments in the financial sector and remains open to taking further action.

“We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools as needed to keep it safe and sound,” Powell said.

He went on, “We’re committed to learning the lessons from this episode and to work to prevent events like this from happening again.”

Fed raises interest rates 0.25%, intensifying inflation fight despite banking fears

March 22, 2023 by WDNY Radio

(WASHINGTON) — The Federal Reserve on Wednesday raised its short-term borrowing rate another 0.25%, intensifying the central bank’s fight against inflation despite concern that previous rate increases helped trigger the nation’s banking crisis.

The Fed’s benchmark interest rate has contributed to the financial emergency facing U.S. banks.

Inflation has fallen significantly from a summer peak, though it remains more than triple the Fed’s target of 2%.

The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure and cascading damage for the financial sector.

In a statement, the Fed rejected concerns about the financial system. “The U.S. banking system is sound and resilient,” the central bank said.

The Fed left the door open for further rate increases, noting that “additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.”

Nearly 190 banks are at risk of collapse amid high interest rates and declining asset values, according to a study released by a team of university researchers earlier this month.

A continuation of rate hikes risks further intensifying the banking crisis, nudging additional financial institutions toward the brink of collapse.

A pause on rate increases, however, could have undermined the Fed’s fight against inflation, allowing high prices to persist and eat away at household budgets, economists previously told ABC News.

A survey by Bloomberg last week found that most economists expected the Fed to raise interest rates by 0.25% on Wednesday, matching the increase that the central bank imposed at its most recent meeting last month.

Over the last year, the Fed has raised its benchmark interest rate by 4.5%, the fastest pace since the 1980s.

The Fed has put forward a string of borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand. The approach risks tipping the U.S. economy into a recession and putting millions out of work.

Persistent rate hikes also threaten the stability of the banking system.

Still, the Fed could avoid facing a choice between slowing price increases and preserving financial stability, since tighter lending practices taken up by private sector banks in response to the financial distress may cool the economy on its own accord, allowing the Fed to forego raising rates while still bringing down inflation.

“No matter what the Fed does later this month, financial conditions are tightening,” Julia Pollak, chief economist at Zip Recruiter, said last week.

Fed to decide on rate hike as it weighs priority of banking crisis or inflation fight

March 22, 2023 by WDNY Radio

(WASHINGTON) — Policymakers and investors will closely watch a decision from the Federal Reserve on Wednesday about whether to raise interest rates as the U.S. economy weathers two pressing challenges: a banking crisis and persistent inflation.

The precarious moment poses a dilemma for the Fed because its strongest tool, the benchmark interest rate, is a key cause of the financial emergency but the primary solution for high prices.

The central bank has aggressively raised interest rates over the past year, bringing inflation down significantly from a summer peak, though it remains more than triple the Fed’s target of 2%.

The rapid rise in interest rates, however, tanked the value of bonds held by Silicon Valley Bank, precipitating its failure and cascading damage for the financial sector.

Nearly 190 banks are at risk of collapse amid high interest rates and declining asset values, according to a study released by a team of university researchers earlier this month.

A continuation of rate hikes risks further intensifying the banking crisis, putting additional financial institutions at risk of collapse. However, a pause on rate increases could undermine the Federal Reserve’s fight against inflation, allowing high prices to persist and eat away at household budgets, economists previously told ABC News.

A survey by Bloomberg last week found that most economists expect the Fed to raise interest rates by 0.25% on Wednesday, matching the increase that the central bank imposed at its most recent meeting last month.

In recent days, some forecasters have predicted the Fed will forego an interest rate hike as it monitors the continuing fallout from the Silicon Valley Bank failure.

Goldman Sachs, for instance, told investors on Monday that it expects the Fed “to pause at its March meeting this week because of stress in the banking system.”

Over the last year, the Federal Reserve raised its benchmark interest rate by 4.5%, the fastest pace since the 1980s.

The Fed has put forward a string of borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand. The approach, however, risks tipping the U.S. economy into a recession and putting millions out of work.

Persistent rate hikes also threaten the stability of the banking system.

“No matter what the Fed does later this month, financial conditions are tightening,” Julia Pollak, chief economist at Zip Recruiter, said last week.

Former Trump official calls TikTok a ‘digital virus’

March 21, 2023 by WDNY Radio

(NEW YORK) — TikTok is facing growing scrutiny from government officials over cybersecurity fears about Americans’ data. U.S. officials are reportedly demanding that Chinese owners sell its stake in the app or risk a nationwide ban.

Later this week, TikTok CEO Shou Zi Chew is set to face questions from congressional lawmakers about the platforms’ data security practices and relationship with the Chinese government. Meanwhile, a proposed bill with bipartisan support and backed by President Joe Biden would empower the executive branch to ban TikTok and other apps owned by Chinese companies.

Former Under Secretary of State Keith Krach, who worked to crack down on TikTok under the Trump administration, joined “GMA3” hosts DeMarco Morgan and Eva Pilgrim to discuss why he views the app as a major cybersecurity threat.

PILGRIM: You believe TikTok is a national security threat. What concerns you the most?

KRACH: Well, I think the biggest thing is that TikTok can track keystrokes. Here’s what that means. That means that they have access to your passwords, all your data. They have access to your health records, your bank records. They have access to your geopolitical information or your geospatial information. That means that they can track where you are, where you’ve been and where you’re going. But I think one of the things that’s worse is that it’s not just about you. It’s about the people you digitally interact with. So look at it as a digital virus, because it can infect the people around you. And the only vaccine for this is a total ban.

MORGAN: Well, Keith, experts have called a potential TikTok ban unchartered territory. They’ve been talking about this for quite some time and a huge undertaking. And experts say a nationwide ban may not stop the app from collecting Americans’ data. How exactly would one work? And how concerned are you that Americans would be able to get around a ban?

KRACH: You know, it’s actually not unprecedented. We did the same thing with Huawei and 5G. And if you look at Huawei and 5G, that’s the backbone for the surveillance state, and TikTok is one of those key appendages that comes off of that. So right now in Congress, Sen. Warner, Sen. Thune, have a bill, the Restrict Act, that actually gives the Secretary of Commerce, Gina Raimondo, the authority to ban applications, technology from our adversaries.

PILGRIM: A bipartisan bill to give the president power to ban the app is gaining support in the Senate. You’ve discussed TikTok concerns with members of Congress and the Biden administration. But how real of a possibility is this? What are you hearing from them?

KRACH: Oh, this is certainly real. You know, I can tell you, as undersecretary, I had a lot of closed-door sessions with Congress. I couldn’t tell the difference between a Democrat and Republican when it came to Chinese technology. You know, this is our biggest national security threat. And I can tell you, if they can weaponize a balloon, they can certainly weaponize 150 million American TikTok users at their mercy.

MORGAN: So with that said, what’s your response to critics of this ban, including the ACLU, who argue it would limit free speech and violate the First Amendment?

KRACH: Look, I’m all for free speech. A big advocate for that. But the fact is, TikTok limits free speech. If you don’t believe me, just try to post something on Tiananmen Square or post something on Taiwan, and you’ll see what happens. You know, the other thing, too, is that TikTok has been used to limit freedom of the press. I was just talking to a reporter yesterday from the Financial Times, and she shared with me how TikTok, they actually use TikTok to track down one of their journalists and try to intimidate him writing an unflattering story about China.

PILGRIM: One of the thing a lot of parents talk about when it comes to TikTok and social media. According to recent CDC data, nearly one in three high school girls considered attempting suicide in 2021, up nearly 60% from a decade before. And now schools across the country are suing social media companies for allegedly contributing to the youth mental health crisis. TikTok says they prioritize safety and wellbeing of teens with age-restricted features, screen time limits and parental controls. But my question to you, what can Silicon Valley do to better protect our kids?

KRACH: Yeah. You know, Eva, I’ve got 11-year-old twins, a boy and a girl. So obviously, this is a big issue. You know, there’s social media and then there’s TikTok. TikTok is programed to be addictive. It preys actually on children. It’s kind of disguised as candy, but it’s actually cocaine. And this is one of the big things. If you look at how TikTok is actually being used inside of China– I’m not talking outside of China– they use it as an educational app for STEM, for science, technology, engineering and math. So there’s two big differences there. And TikTok is by far the worst.

Yellen says bank ‘situation is stabilizing,’ smaller banks play important role

March 21, 2023 by WDNY Radio

(WASHINGTON) — Treasury Secretary Janet Yellen said Tuesday that “the situation is stabilizing and the U.S. banking system remains sound,” after regional bank failures have shaken the U.S. banking system.

“The Fed’s facility and discount window lending are working as intended to provide liquidity to the banking system,” she said during a speech at a meeting of the American Bankers Association in Washington. “Aggregate deposit outflows from regional banks have stabilized.”

She said the government’s intervention in the failures of Silicon Valley Bank and Signature Bank were “necessary” — and said “similar actions could be warranted” to protect smaller banks.

“The steps we took were not focused on aiding specific banks or classes of banks,” she said. “Our intervention was necessary to protect the broader U.S. banking system, and similar actions could be warranted if smaller institutions suffered deposit runs that pose the risk of contagion.”

She argued that the existence of smaller banks was important.

“Large banks play an important role in our economy, but so do small- and mid-sized banks,” she said. “These banks are heavily engaged in traditional banking services that provide vital credit and financial support to families and small businesses. They also increase competition in the banking sector, and often have specialized knowledge and expertise in the communities they invest in.

“Large banks play an important role in our economy, but so does small and mid-sized banks,” she said. “These banks are heavily engaged in traditional banking services that provide vital credit and financial support to families and small businesses. They also increase competition in the banking sector and often have specialized knowledge and expertise in the communities they invest in. Indeed, many of these banks have played an important role in supporting our economic recovery in the depths of the pandemic.”

“The Treasury is committed to ensuring the ongoing health and competitiveness of our vibrant community and regional banking institution,” she said.

ABC News’ William Kim contributed to this report.

Experts answer questions on home, car buying amid high interest rates and banking crisis

March 21, 2023 by WDNY Radio

(NEW YORK) — As fallout continues from the Silicon Valley Bank collapse — the second-biggest bank failure in U.S. history — people across the country are simultaneously feeling the impact of inflation in their pocketbooks.

The Federal Reserve will meet Wednesday to decide whether to raise or pause interest rates after continuously raising them over the past year in order to help curb inflation.

The Fed’s decision will have an impact on everything from individual credit card bills to the costs of everyday items to the banking crisis, experts say.

To help explain it all, ABC News chief economics correspondent Rebecca Jarvis and Good Morning America consumer correspondent Becky Worley answered viewers’ questions on topics including credit card payments, home buying and more.

1. What would a change in interest rates mean for people’s credit card payments?

Jarvis said that if the Fed decides to pause interest rates, as some experts predict will happen, it would have a “significant impact” on credit card payments.

“This will mean that some of those rates that have been climbing won’t climb as much in the near future,” Jarvis said, citing mortgage rates and higher interest rates on credit cards.

Jarvis added that even if the Fed takes a pause on raising interest rates this week, the rates could “still climb going forward.” Because of that, she said the most important step people should take is to continue paying off their credit card debt.

“If you have that credit card bill, you want to keep making those payments,” she said.

2. Is housing sitting on a bubble, like in 2007?

Jarvis said that fortunately today, we are in a “very different world” than the housing crisis of 2007, when interest rates went up and people were unable to repay their mortgage, leading to foreclosures and bankruptcies.

“First of all, the jobs market is as strong, historically, as it’s ever been,” Jarvis said. “Second of all … 85% of people who own homes have mortgages below 5%. What that means is if you were going to go out and buy a new house right now, you’d have to take out a far more expensive mortgage, so people don’t want to sell because they already have the best deal sitting in their own home.”

Jarvis said because people aren’t selling their homes, there is less inventory, which is leading to higher home prices.

“We don’t see the foreclosure we saw last time [in 2007], which is what makes this a much more sound market and housing,” she explained.

3. If I’m looking to buy a home, should I expect mortgage rates to improve?

According to Jarvis, one upside to the current banking crisis, combined with the potential for the Fed to pause interest rates, is that mortgage rates have decreased slightly, going from 7.15% to 7% over the past week.

“It’s tiny but that incremental difference can make a difference in what you pay,” Jarvis said.

When it comes to deciding whether or not now is the right time to buy a home, Jarvis said people should consider whether they will stay in the home for at least five years and whether they are staying within their budget with the purchase.

“Those are the most important questions that anyone should be asking if they’re thinking about buying a home, not just ‘Can I time this market properly?'” Jarvis said, adding that “renting is always an option, and there are great calculators at Bankrate.com and Realtor.com [to] check the whole thing out.”

4. Is now a good time to buy a car?

According to Worley, many people are paying the equivalent of a monthly mortgage or rent payment for their car.

The average car payment at the end of 2022 was $716 for a new car and $526 for a used car, according to Experian, a financial data analysis company.

Worley said that unfortunately for people either in the market for a car or who are currently making high car payments, it is now a “waiting game.”

“We’re waiting for those interest rates to stabilize or for them to go down,” she said.

Worley said one step people can take in the meantime, is to work on improving their credit score.

“If you have a higher credit score, you’ll get a lower interest rate when you can finally, hopefully, get into a lower rate and refinance or renegotiate,” Worley said. “But that’s really all we can do right now if you’re already locked into a high payment.”

5. Are cars still in short supply?

Yes, according to Worley.

“The supply chain is still a little bit messy,” Worley said. “And then dealers are, on many high-demand cars, putting a markup on top of the sticker price, and then you have high interest rates, so it is painful out there.”

Worley said her advice is to keep driving your current car for as long as you can, saying, “If you can eat 5,000 or 10,000 miles out of the old car, you should do it until those rates come down, if those rates come down.”

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