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July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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SEARCHMENUSEARCHCredit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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Federal Reserve keeps interest rates steady but signals borrowing costs will increase by another half of a percentage point by year’s end.
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Analysts predict downward shift over the last two months will continue.
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Declines continued throughout the entire market last week, with the exception of one segment, Sporty Car, which was up only +0.04%.
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Economic headwinds are not deterring sales, Cox Automotive analysts find.
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May index lowest since February 2021 as subprime, negative-equity shares fall.
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Despite a stronger Q2 market, negative sentiment lingers over weak economic conditions and high interest rates, Cox Automotive says.
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Q1 numbers show they’re trying new tacks to combat the effect of high interest rates, still-high vehicle prices.
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Still worse year-over-year, since prices and loan rates are elevated.
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The category grabs greater share of market as consumers look to save money in challenging financial conditions.
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