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Automotive Industry:United States: Difference between revisions
Automotive Industry:United States (view source)
Revision as of 17:18, 10 October 2023
, 10 October 2023→Affordability
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== Affordability == | == Affordability == | ||
[[File:Screenshot 2023-10-10 110740.png|alt=|center|thumb|515x515px|https://www.coxautoinc.com/market-insights/june-2023-vai/]] | |||
=== June 2023 === | === June 2023 === | ||
* The number of median weeks of income needed to purchase the average new vehicle in June was steady at 43.0 weeks from an upwardly revised 43.0 weeks in May, which had been the lowest level since September. The estimated number of weeks of median '''income needed to purchase the average new vehicle in June was up 1.5% from last year.'''<ref>https://www.coxautoinc.com/market-insights/june-2023-vai/</ref> | * The number of median weeks of income needed to purchase the average new vehicle in June was steady at 43.0 weeks from an upwardly revised 43.0 weeks in May, which had been the lowest level since September. The estimated number of weeks of median '''income needed to purchase the average new vehicle in June was up 1.5% from last year.'''<ref>https://www.coxautoinc.com/market-insights/june-2023-vai/</ref> | ||
* The typical new-vehicle loan interest '''rate increased by 4 basis points to 9.63%''' | * The typical new-vehicle loan interest '''rate increased by 4 basis points to 9.63%''' | ||
* The estimated typical monthly '''payment increased by 0.2% to $771''' from an upwardly revised $770 in May. The average monthly payment peaked at $795 in December. | * The estimated typical monthly '''payment increased by 0.2% to $771''' from an upwardly revised $770 in May. The average monthly payment peaked at $795 in December. | ||
=== September 2023 === | |||
[[File:Screenshot 2023-10-10 110727.png|center|thumb|698x698px|https://www.coxautoinc.com/wp-content/uploads/2023/09/Sept-26-Q3-2023-Cox-Automotive-Industry-Insights-Presentation.pdf]] | |||
* Average payments up 23-39% since 2019 and now out of reach for many households | |||
* Auto loan rates moved higher in August and now into September with average new up to 9.61% and used at 14.03% | |||
* About 50% of households can only afford a $400 monthly payment | |||
== Auto Loan Performance == | == Auto Loan Performance == | ||