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Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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F&I Showroom Magazine
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SEARCHMENUSEARCHMost financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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With two weeks of the new year now behind us, the trends that we ended 2022 with are continuing into 2023.
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Rate grows as borrowers try to lower monthly payments.
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Kelly Blue Book data show prices up year-over-year in December.
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With 2022 fully in the rearview mirror, we can begin to evaluate the years performance: the overall market finished down 22.9%, with Cars down 22.7% and Trucks down 23%.
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The average payment climbed to $717 in the fourth quarter of 2022, which is 50% higher than in 2010, according to Edmunds.
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Also simplifies web address in effort to add to its ease of use.
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The year closed out with another week of above average weekly depreciation.
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Sales of new automobiles plunged to under 14 million vehicles in 2022, the lowest since 2011, reports Kelley Blue Book.
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Dealer profits still high, though fewer units marked above MSRP.
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