New-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...
Car buyers face some tough numbers. A record 17.5% of new-car buyers in the third quarter paid more than $1,000 a month for a vehicle, notes automotive data provider Edmunds. Three years ago, less than 7% of new-car buyers spent that much.
The average new-car loan term runs 68.3 months. Three years ago, it was 70 months. Paying back faster means higher monthly payments; the 1.7-month shift adds roughly $20 a month to payments. The 30% payment hike is also twice the 15% rise in wages. Something has to give. Car prices and interest rates may come down. Wages may rise.
Deals Trian’s Nelson Peltz sought more Walt Disney board seats, including one for himself...Bristol Myers Squibb will pay $5.8 billion for Mirati Therapeutics...Birkenstock went public at $46 a share, an $8.6 billion valuation, then fell nearly 13%…China’s Country Garden warned it might not make payments on overseas debt…The SEC wants to talk to Elon Musk about his disclosures during his Twitter buy...Exxon Mobil agreed to buy Pioneer Natural Resources for $49 billion...
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