The last time financing rates for new and used vehicles were this bad, it was the third quarter of 2007, and we were on the verge of the Great Recession
Both the new and used vehicle markets are shattering records, but unfortunately, it's the kind of record-breaking that's causing headaches for buyers. While there have been some small improvements recently, overall, prices have soared to historic highs, leaving buyers with significantly lighter wallets than they anticipated. To add to the financial burden, high loan rates are a prevalent concern, making car financing a daunting task for many potential buyers.
4 percent, and for used vehicles it jumped two percentage points, to 11.2 percent. The last time we saw APRs that high was in the second quarter of 2007, on the eve of the Great Recession. Read: You’re Now Paying An Average Of $533 Per Month For A Used Car – And That’s A Risk For Everyone Spiked interest rates remain the biggest impediment to affordability in both the new and used car markets today, said Jessica Caldwell, Edmunds' head of insights.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Auto Stocks Have a Problem: Car Payments Have Gone Through the RoofNew-car prices have risen, and interest rates have spiked. That means car purchases are taking a larger share of household budgets. That’s not good for...
Read more »
All you need to know about car insurance in Quebec | Car NewsLooking for auto insurance in Quebec? Here's everything you need to know about our public and private plans!
Read more »
T-Mobile’s latest change forces customers to pay moreCustomers with older phone plans are set to automatically face higher monthly rates.
Read more »
Forza Motorsport 8: How to Level Up Cars FastIf your favorite car isn't performing quite to spec in Forza Motorsport 8, try these tips to level up your car quickly and earn Car Points.
Read more »
Here's how many hours a week the average employee spends drafting emailsHowever, small business employees surveyed believe their emails are only fully read and understood by their recipients a third (36%) of the time.
Read more »
What is the average 1-year CD paying now?You can earn more interest with a CD, as long as you're willing to park your money for a while.
Read more »