Almost 1 in 5 new car buyers in the fourth quarter took on a $1,000 or more monthly payment, according to the car shopping site Edmunds.
Several carmakers reported soft sales in the third quarter, and average loan rates for new cars exceeded 7%.
Tesla announced its auto revenues are down, and GM is delaying a new electric truck manufacturing plant.
Dealers are still playing catch-up after the chip shortage and suppliers are building parts for new cars rather than those on the road.
$20,000 used to be the starting point for a new car. Now there’s only one remaining model on the market that sells for around that figure … the Mitsubishi Mirage.
Lenders are worried about increasing defaults.
New vehicle inventory is up an estimated 62% from last year as some supply roadblocks clear. But higher prices may stick.
The global chip shortage. Supply chain headaches. Empty dealer lots and sky-high prices. New car shopping isn’t for the faint of heart.
