A new federal tax deduction will allow eligible taxpayers to deduct interest paid on new car loans beginning this tax year.

If 2022 is the year you're considering ditching the gas pump for the electric plug, your choices have never been better as the auto industry heads toward an era of broader electrification.

A growing number of consumers are shying away from the new car market as prices increasingly become out of reach. But used cars aren't offering much relief either, according to auto industry experts.