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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Jeremy Bowman, The Motley FoolSun, November 2, 2025 at 2:45 PM GMT+1 5 min readAccording to one measurement, the stock market is the second-most expensive it's ever been.GM soared on its recent earnings report, and the stock could keep climbing.Deckers has plunged this year, but the stock looks oversold.10 stocks we like better than General Motors ›It's not easy to find bargain stocks these days. The S&P 500 continues to move higher, approaching 7,000. It now trades at a price-to-earnings ratio of 29 and is the second-most expensive it's ever been, according to the Shiller P/E ratio, which takes into account the last 10 years of earnings.However, not every stock is trading in nosebleed territory. In fact, some stocks still look dirt cheap and could be great investments if you have $2,000 to put into the market. General Motors (NYSE: GM) has been a longtime laggard, but recently, the legacy automaker seems to be getting the credit it deserves. The stock jumped on its recent third-quarter earnings report, and the company is now benefiting from a number of trends in the auto industry.First, and most importantly, it's now clear that electric vehicles (EVs) will not displace traditional combustion vehicles, or at least not as fast as Wall Street once expected. A combination of consumer demand shifting away from EVs and the Trump administration's decision to eliminate the $7,500 EV tax credit has given a decided tailwind to automakers like GM.Investors also once feared that the legacy automaker could get crushed by tariffs, but the government's recent addition of an offset of 3.75% of the value of all trucks made in the U.S. over the next five years seems to give the company an advantage over foreign automakers, at least for vehicles GM sells in the U.S.Both of those shifts helped drive third-quarter results above estimates and an improvement in guidance. Revenue in the quarter fell slightly, down 0.3% to $48.6 billion, but that was well ahead of estimates at $45.33 billion. Adjusted earnings per share (EPS) fell from $2.96 to $2.80, which also topped the consensus at $2.32.GM lowered the estimated gross tariff impact for the year from a range of $4 billion to $5 billion to between $3.5 billion and $4.5 billion, and raised its full-year adjusted EPS guidance from between $8.25 and $10 to a range of $9.75 to $10.50.Based on that guidance, the stock trades at a price-to-earnings ratio of less than 7, and the company has a track record of buying back stock, reducing its shares outstanding by 15% over the last year. 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