Prices and interest rates are high, but that’s not stopping — or even slowing — consumer demand for used vehicles, according to the latest report from Edmunds.
Financial stumbles may have long-lasting impacts on consumers whose credit scores have been affected by these trip-ups. This is evidenced in the report “The Credit Accessibility Series: The Credit Insecure Need More Education,” a PYMNTS and Sezzle collaboration, which explored the dollars and cents cost of being a subprime borrower.
Just four years ago, the average one-to-five-year-old used car cost $23,351, per iSeeCars. Today, that average has climbed to $34,491, nearly where average new-car transaction prices were four years ago.
New vehicles might still be out of reach for many customers who land in the subprime credit tier. But the latest data from Kelley Blue Book showed that perhaps the prospects for putting a subprime consumer into a new model might be improving.
New-vehicle sales, when announced next week by automakers, are expected to show big gains over last year and a slight improvement over last month. The key reason for these gains continues to be the market’s healthy recovery from being supply-chain constrained over the previous two years.
It isn’t often that we get to report that a consumer product just got 10 grand cheaper, but today, Ford Motor Company announced it’s cutting $10,000 off the price of its F-150 Lightning electric pickup.
The Federal Trade Commission has issued a new blog post warning consumers about scammers who are impersonating FTC staff members.
Two Federal Reserve officials said Monday that more rate hikes are needed to tame inflation that has proven to be more persistent than previously thought.
A Federal Trade Commission lawsuit against the operators of a telemarketing scam that called hundreds of thousands of consumers nationwide pitching “extended automobile warranties” will result in a lifetime ban from any outbound telemarketing business and from any involvement with extended automobile warranty sales.
Like many of us, the Black Book team celebrated the Fourth of July on Tuesday, so its newest installment of Market Insights appeared on Wednesday, giving analysts the chance to compile their data wrapping up June and glimpsing into the first day of the new month.
MID-MICHIGAN (WJRT) - As Americans battle inflation and rising interest rates, auto lenders are seeing more and more people fall behind on their car loans. According to S&P Global Mobility, there are more delinquencies being seen now than during the great recession.
Average wholesale vehicle prices fell nearly 10% year-over-year last month and remain on the downward slope for June, according to the latest Kontos Kommentary analysis from ADESA chief economist Tom Kontos.
Whether you plan to drive the wheels of your new car or expect to only have it for a relatively short time in its lifespan, resale value is a vital but often overlooked characteristic that should be considered when putting a new model in your garage.
WASHINGTON (AP) — With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday. “Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell said on the first of two days of semi-annual testimony on Capitol Hill.
New-vehicle inventory in May reached its highest level in two years, according to Cox Automotive’s analysis of vAuto Available Inventory data, with a notable increase from the previous month. Days of supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
The jump in used-car costs that propped up U.S. inflation last month is widely expected to swing into reverse in June, finally delivering a slowdown in one of the most-watched price gauges. Core inflation, which typically strips out food and energy prices, has proved sticky this year even as the headline rate has plunged.
Car dealerships are slowly gaining a more positive view of the U.S. automotive market in the second quarter (Q2) of 2023, per the Cox Automotive Dealer Sentiment Index published on June 7th, 2023. Released quarterly by Cox Automotive, the Index shows improving sentiment among car dealerships for Q2 2023 even as profits continue to drop.