Buying a new car is becoming an increasingly expensive proposition for American consumers, with monthly loan payments now averaging a staggering $787.
According to a recent DC News Now report, the average new-car loan is approaching $45,000, raising concerns about affordability, household debt and the long-term financial commitments consumers are making just to get behind the wheel.
And the monthly loan payment is only part of the equation.
Insurance premiums, maintenance, fuel and other ownership expenses can push the actual cost of driving considerably higher. For consumers already managing rising household expenses, the decision to purchase a vehicle has become increasingly complicated.
Beyond the Sticker Price: What Consumers Need to Know Dr. Kashef Majid, Associate Professor of Marketing at the University of Mary Washington, has studied how consumers value hybrid and electric vehicles, including the financial and environmental motivations behind purchasing decisions. He was also named one of the 50 Best Undergraduate Business Professors of 2024 by Poets & Quants. View his profile Majid has also shared his expertise with WalletHub, offering first-pen perspective on car insurance costs, pricing fairness and the importance of making informed decisions when shopping for coverage.
His insights are particularly relevant as Americans face record-high car payments, with insurance premiums adding another significant expense to the overall cost of vehicle ownership.
As consumers grapple with rising costs, Majid can help explain what's driving vehicle affordability challenges, how purchasing decisions are changing and what motorists should consider before taking on substantial financial commitments.
If you're interested in speaking with Dr. Kashef Majid about rising car payments, vehicle affordability, insurance costs and consumer behavior, simply click on his profile below to arrange an interview today.
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Local governments across the country are passing laws to limit short-term rentals like Airbnb, HomeAway and VRBO, with Washington, D.C., poised to put some of the strictest limits yet on these homesharing services. Kashef Majid, an assistant professor of marketing at the University of Mary Washington, has examined more than 12,000 rentals in the nation's capital over nearly a decade, identifying which properties are most in demand and earn the most revenue as well as the impact of price and location on demand.
Majid also found that commercial operators -those that purchase properties solely to rent on short-term rental markets like Airbnb -limit the supply of affordable housing, create neighborhood tensions and negatively impact the number of rentals.
"The issue of commercial operators became so contentious that the largest county in Virginia (by population) recently passed legislation to prevent their existence," Majid said. "Commercial operators are simply one example of the issues that arise within the sharing economy. Our research has also explored parallels in other markets, such as ride sharing."
Majid is available to speak with media regarding these topics and this research. To contact him, simply click on his icon to arrange an interview.
Media
Social
Biography
University of Mary Washington Professor of Business Kashef Majid specializes in marketing and consumer behavior, with research spanning environmental marketing, digital marketing and the factors that influence consumer decisions. His work explores business, technology and social responsibility, with a particular emphasis on sustainability and food waste.
Majid examines the impact of date labels, retailer donations to food banks and campaigns designed to encourage pro-environmental behavior. He also explores how artificial intelligence can be used to reduce food waste.
Majid's prior research focused on consumer valuation of hybrid and electric vehicles, whether their owners drive them to save money or appear "green" to their peers, and why some hybrid cars retain more value than others. His broader research also addresses digital marketing, consumer liability and the sharing economy.
Recognized by Poets&Quants as one of the 50 best undergraduate business professors of 2024, Majid brings his research into the classroom through innovative courses and community partnerships. He previously worked as a consultant in Ottawa and with the Canadian government.
Areas of Expertise
Marketing Research
Digital Marketing
Marketing Strategy
International Marketing
Marketing for Social Good
Food Waste
Sustainability
Accomplishments
Innovative Digital Pedagogy Fellowship Award
2014-12-01
Kashef Majid, Assistant Professor of Marketing in the College of Business, received a UMW 2014 Innovative Digital Pedagogy Fellowship Award. Majid is interested in developing a course in social media marketing/analytics.
Waple Fellowship Award
Professor Kashef Majid has been awarded the Waple Professorship. Established in honor of Shirley Van Epps Waple, a 1952 Mary Washington graduate, the nomination-based award recognizes faculty members who have made significant contributions to their scholarly or creative area of expertise
Mary W. Pinschmidt Award
2021-05-08
For his significant impact on the lives of graduating students, Kashef Majid, professor of business in the College of Business, received the Mary W. Pinschmidt Award from the University of Mary Washington. The winner is selected by the graduating class as the faculty member “whom they will most likely remember as the one who had the greatest impact on their lives.”
Poets&Quants 50 Best Undergraduate Professors of 2024
2024-12-16
UMW Professor of Business Kashef Majid is one of the 50 best undergraduate professors of 2024, honored by Poets&Quants. The annual list features accomplished, innovative and compassionate professors who “represent the best of what an undergraduate business degree can offer,” according to the online publication.
Education
University of Ottawa
B.Comm
Commerce
Concordia University
MSc.
Graduate Studies
The George Washington University
Ph.D.
Business Administration
Media Appearances
UMW Receives Grant to Launch Composting Program, Expand Food Recovery
University of Mary Washington print
2026-08-31
The University of Mary Washington was awarded $432,215 from the Virginia Department of Environmental Quality (VDEQ) to support food waste prevention education, food recovery efforts and the establishment of a campus-wide composting program.
“This project brings together many dedicated partners across campus and in the community who are committed to reducing waste and creating a more sustainable campus,” said Professor of Marketing Kashef Majid, who helped lead the grant proposal effort. “By expanding food recovery efforts, launching large-scale composting and studying attitudes toward food waste, we hope to create lasting changes in behavior while drawing greater attention to the importance of food waste prevention.”
Which do you think is likely to benefit the average person more: a credit card with great rewards on groceries or a credit card with great rewards on travel? The average person would prefer rewards on groceries.
Expert Thoughts on Capital One Savor : Kashef Majid. "When comparing a no-annual-fee card like the Capital One SavorOne with a fee-based option like the Capital One Savor, I always look at it through a cost–benefit lens, " said Kashef Majid.
To find additional perspectives on the American Express Gold Card’s benefits package, WalletHub posed the following questions to a panel of experts. Do you think the American Express Gold Card’s benefits are worth the price? Short answer: Yes - but only if you spend in the right categories.
Associate Professor of Marketing Kashef Majid was quoted in an advice segment for a WalletHub piece about best car insurance companies. "For the most dramatic drop in car insurance, drivers should consistently shop around each year to see if they can get a better deal," he said. "Quotes are easy to receive online and insurers try to lure new customers with low rates early and then gradually raise them over time."
"We are wasting thirty or forty percent of what we produce and we have got line ups of people who need food. None of this makes sense," said Kashef Majid.
Profits and losses from the sharing economy—insights from Airbnb rentals
The Free Lance-Star online
2018-11-12
On November 14 at 7 p.m. on the campus of the University of Mary Washington, I will present research conducted over a year that examines the growth of the sharing economy. I’ve explored issues related to pricing, demand, and regulations.
“Online magazines are very popular,” said Kashef Majid, assistant professor of marketing at the University of Mary Washington’s College of Business. “They’re fairly easy to start up and create, and appeal to so many different segments of the population.”
Communicating quality while evoking loss–How consumers assess extra charges in the Airbnb marketplace
Tourism Management
Dogru, T., Majid, K., Laroche, M., Mody, M., & Suess, C.
2021-10-01
The rise of the sharing economy has allowed consumers to choose from hundreds of thousands of diverse accommodations. In this article, we explore the impact of price partitioning on demand. Our findings reveal that partitioning the price into different elements can have a positive impact on demand. We argue that when the price is partitioned into different fees, it draws attention to the rationale behind the fees – such as additional cleaning. While the presence of the fees acts as a signal, we draw upon prospect theory to argue that the amount of the fee is viewed as a loss and thus has a negative impact on demand. We test our arguments using data on Airbnb's across the whole United States and find that price partitioning positively impacts demand, but the costs themselves have a negative impact on demand.
Support for small businesses during a health crisis
Journal of Services Marketing
Majid, K. A., Kolar, D. W., & Laroche, M.
2021-09-21
Crises threaten the operations of small businesses and endanger their survival; however, when the crisis is not attributable to the firm, consumers may rally around the business. This study aims to examine how attitudes toward helping others can create support for small businesses, which in turn can direct consumers to help businesses with increased financial support. It is hoped that this paper will inform how consumers will help firms pivot during crises.
Effect of interactive marketing channels on service customer acquisition
Journal of Services Marketing
Majid, K. A.
2020-09-25
The cost of customer acquisition is one of the largest expenses that service firms incur due to loss-generating quotes/proposals. This paper aims to connect interactive marketing communications channels with increased customer acquisition and non-interactive marketing communications channels with decreased customer acquisition by service firms.
Drawing negative inferences from a positive country-of-origin image -- Consumers' use of COI and price levels to assess counterfeit drugs
International Marketing Rreview
Majid, K. A.
2016-02-16
An article by Kashef Majid titled “Drawing negative inferences from a positive country-of-origin image -- Consumers' use of COI and price levels to assess counterfeit drugs” has been accepted for publication by the International Marketing Review. Majid is an assistant professor of marketing in the College of Business.
Giving green a second thought: Modeling the value retention of green products in the secondary market
Journal of Business Research
2015-05-01
Demand for green products continues to grow. This research examines green products’ retention of value and whether new green brands differ from green brand extensions in their ability to retain value amidst technological innovations. Modeling of data from the used car market between 2004 and 2011 shows that hybrid (i.e., green) vehicles lose value faster than their non-hybrid counterparts. However, pure green brands (such as the Prius), whose ability to express greenness is more salient, lose value at a slower rate than green brand extensions. Compared with brand extensions, pure green brands are also less vulnerable to the threat of obsolescence from technological innovations (introduction of fully electric vehicles). Implications for the management and marketing of green product offerings to extract maximum value for firms and consumers are discussed and suggestions for future research are proposed.
UMW Alumnus Donates Hollywood Memorabilia for Auction
University of Mary Washington
2014-11-10
The University of Mary Washington Marketing Club is teaming up with the 2014 Executive-in-Residence, Dan Wolfe, to auction off a number of unique Hollywood memorabilia...
Kashef Majid and UMW Business Major Madeleine Bate Present at Conference
Eagle Eye
2014-03-05
Kashef Majid, Assistant Professor of Marketing in the College of Business, and UMW business major Madeleine Bate presented “Breadth vs. Depth – Linking Network Shape to Revenues, a Study of the Dispersion of Film Trailers via Twitter,” at the American Marketing Association Winter Educators Conference in Orlando from Feb. 21 to 23, 2014. To view a copy of the presentation please visit...