Source Entry for “Soaring Used Car Prices Are Pushing Inflation Higher, And There’s Not Much The U.S. Can Do About It”
PART 1: MLA Citation
Michael Wayland, T. F. (2022, January 14). Soaring used car prices are pushing inflation higher, and there’s not much the U.S. can do about it. CNBC. Retrieved March 27, 2023, from https://www.cnbc.com/2022/01/13/why-used-car-prices-are-pushing-inflation-higher.html
PART 2: SUMMARY
The article named “Soaring Used Car Prices Are Pushing Inflation Higher, And There’s Not Much The U.S. Can Do About It” by Michael Wayland is about the inflation of new and used cars in the past few years. According to the writer, the United States is currently going through an inflation crisis, especially in the car market. Wayland mentions that the Covid 19 pandemic disrupted shipping routes over the past few years. The writer also emphasizes how the car market climbed a massive 25% markup back in 2021 since the pandemic. Wayland also states the new average of a used car is around $28,000 back in December of 2021. The author concludes by quoting Alex Lin, a Bank of America economist who says “Wholesale prices since the pandemic are up more than 60%, Lin said in December. So, the question is: Will we see another 60% next year?”
PART 3: REFLECTION
I completely agree with Michael Wayland and believe that the article accurately explains how the rising prices of used cars are because of inflation in the United States. The author explained several factors driving the increase in used car prices, including supply chain disruptions caused by the COVID-19 pandemic. Since the United States has not addressed this as a significant issue. In addition, I believe the article is correct. From personal experience, I have not heard the news touch on the topic much. Since I have been looking for a car for the past few months, I noticed many cars fluctuate in price. The majority of cars that have been marked up have been cars with low gas mileage. I assume that is to combat the high gas prices. To clarify, the Federal Reserve could increase interest rates and slow down the economy, but this could also lead to other negative consequences for the country. In conclusion, the article’s information is factually accurate and well-supported.
PART 4: RHETORICAL ANALYSIS
The author, Michael Wayland, is a global automotive industry reporter for CNBC’s digital team. His main objective is to report on GM’s global business operations. Wayland’s audience is people interested in the automotive industry. The author created this article since inflation had affected the United States as a whole. The whole nation is still worried about the outrage of inflation affecting us in our everyday lives. CNBC used this article to explain the current situation in the used car market. The author’s main purpose was to educate people who are interested in the automotive industry and to let them know why our used car market is so high. The genre of Wayland’s report is a news article. He starts by getting out the basics of inflation and how the percentage is not slowing down. The author uses logos to explain their ideas. As he used statistics and quotes from other reputable people to get his point across. The article was written in 2022 and continues to be a problem in 2023. The Article further explains my point across by adding statistics from years prior leading up to today’s inflation percentage. CNBC Is a credible source, and not only does it have a website, but they have a news channel as well. CNBC is a well-known news outlet that covers many topics, including finance, business, and economics. The author also uses articles from a Bank of America economist to let his audience know about the current inflation. The entire article gives me information. It began with a short two-minute video on the subject and explains why we cannot just reverse inflation.
PART 5: NOTABLE QUOTABLES
“Those logistical hurdles are believed the chief suspect behind a massive 25% climb in used car prices in 2021, according to industry insights company Cox Automotive. (Wayland par 7)
“Cox Automotive reports the average retail price for a used vehicle was a new record of more than $28,000 in December.” (Wayland par 10)
“Wholesale prices since the pandemic are up more than 60%,” Lin said in December. “So the question is: Will we see another 60% next year?” (Lin par 18)
I agree with the author’s analysis that the COVID-19 pandemic has caused supply chain disruptions that have led to the significant increase in used car prices. Prices are really continuing to rise and that there may not be a simple solution to the problem. The author does a great job of using statistics and quotes from reputable sources to support their argument. The article provides a great explanation of the issue and its impact on the automotive industry. Overall, I think you did a good job and do well creating clarity over the subject. I look forward to your finished project.
Source Entry for “Soaring Used Car Prices Are Pushing Inflation Higher, And There’s Not Much The U.S. Can Do About It” I don’t believe that this is need that is what the Citation use for. Need this “The article From CNBC “Soaring Used Car Prices Are Pushing Inflation Higher, And There’s Not Much The U.S. Can Do About It” by Michael Wayland” is how it should be. source entry 1 should be a News articles or Feature Articles better organization change that.
Dear Edwin,
In my opinion you covered well your source. I would just recommend putting your research question on top.
One more thing, I would recommend looking over your rhetorical analysis and maybe removing some unnecessary sentence such as the following, “The whole nation is still worried about the outrage of inflation affecting us in our everyday lives. CNBC used this article to explain the current situation in the used car market.” I think you already explain in that in your reflection and on the author’s purpose of writing. It’s repetitive. Overall, I think you can work more on this paragraph by making shorter.
Good points from Odalys.
Edwin:
MLA CITATION:
· NOT correct. There are TWO authors here. And the order of the names in your citation is NOT correct – that’s how I know without even using the citation machine myself. You need to enter into the citation machine first one of the author names in the last name box and first name box. THEN you need ask for another box to fill in for another author! Do the citation again and use the citation machine carefully this time. It’s a little different when there are TWO authors, but if you think about it, you can do it!
SUMMARY
Your summary felt a little incomplete and so I looked at the article myself. I think you missed a few MI’s:
· The article says the used car prices never had much effect on inflation but this year is different – used car prices are having a “historical affect on inflation.”
· You got the point about supply chain disruption, but I think also important is that Wayland specifically points to supply chain shortage of semiconductors and the rise in NEW car prices.
· Wayland also explains the increased demand for cars. People wanted to travel by car creating an “unprecedented demand for cars in the spring of 2021.” And then adds: “Simply put: Without new vehicles, you can’t have used vehicles.”
Reflection
· In your Reflection part, you do more of repeating Mis than giving your own thoughts. The only part where you say your own thinking is: “From personal experience, I have not heard the news touch on the topic much. Since I have been looking for a car for the past few months, I noticed many cars fluctuate in price. The majority of cars that have been marked up have been cars with low gas mileage. I assume that is to combat the high gas prices.”
· Can you give more of your own ideas?
Rhetorical Analysis:
· You basically do a lot of the right things here — GOOD! I see you used the Rhetorical Analysis Worksheet.
· But you have a lot of extra points that do NOT belong in a Rhetorical Analysis. Edit out points that have nothing to do with a Rhetorical Analysis.
Quotables:
Good!