The Daily Money: Fewer online retailers offering free returns, Electric vehicle sales down
Happy Wednesday. This is Betty Lin-Fisher with today's top headlines.
If online shopping is in your plans this holiday season, you'll want to know about this.
About 40% of retailers are charging return fees this year, according to retail technology company Narvar. That's up from 31% in 2022 as companies work to improve profitability amid dwindling consumer demand and rising costs.
While online retail giant Amazon is still offering free returns at most locations (they began charging $1 for some returns at some UPS stores earlier this year), other retailers are pulling back on free returns.
Experts say more retailers are expected to experiment with paid returns, especially as broader economic challenges continue.
Electric vehicle sales hit the brakes
Sales of Electric Vehicles (EVs) in the United States have slowed and inventories of the environmentally friendly vehicles are growing.
EV inventories have increased by 506% from a year ago, with EVs sitting on lots for longer, according to CarGurus’ October report, released this month. EVs sit on the market an average 82 days versus 64 days for gas-powered vehicles, it said. In response to slowing demand, automakers like Ford and GM are cutting production.
Surveys say the cost of the electric vehicles is too high for consumers, even with government incentives.
The average price paid in September for a new EV fell to $50,683, from $52,212 in August and $65,295 a year earlier, with incentives representing 9.8% of the transaction price, or $4,991, according to car buying platform Cox Automotive.
But the new average EV list price was 28% higher than a gas vehicle last month, CarGurus said.
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Here's a cool way to get into the holiday spirit: a free peppermint Frosty from Wendy's.
Wendy's announced ealier this week that it has temporarily replaced its seasonal pumpkin spice Frosty with a peppermint Frosty.
The peppermint Frosty arrived on Nov. 14 and will be around for a "limited time," according to Wendy's.
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Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.