More Car Buyers Pay at Least $1,000 a Month for Their Loan, as High Prices, Rate Hikes Deal ‘a One-Two Punch'

Overall, 14.3% of consumers who financed a new car in the third quarter committed to payments above $1,000, up from 8.3% during the same time period in 2021.

Ongoing inventory shortages are also partly to blame for elevated prices, as are consumer preferences changing over the past decade.

The increase in monthly payments would be larger if not for the higher trade-in values on buyers' used cars, King said. The average trade-in equity for September was an estimated $9,617, up 21.7% from a year ago.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

NBCDFW /  🏆 288. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

First Quantum's nickel plans gain paceBase metals miner First Quantum is targeting the production of between 5 000 t and 10 000 t of nickel from its Enterprise operation, in Zambia, in 2023. Speaking at the Paydirt Nickel conference, First Quantum’s project manager for Zambia, Jacob Gresham said that the company would look to reach three-million tonnes a year of production in 2023, before pushing out to the four-million tonne a year nameplate capacity the year after.
Read more »

Home prices fell in August from July, CoreLogic says. These are the top 5 markets at risk of steep declines.Home-price growth has slowed for the fourth month in a row, as the housing market continues to cool amid high mortgage rates. Compared to July, home prices have fallen by 0.7%. Three-quarters of states posted declines in August.
Read more »

Mortgage activity hits 25-year low as rates riseThe Federal Reserve's strategy of raising interest rates in an attempt to fight sky-high inflation is sending mortgage rates higher, hurting home buyers.
Read more »

Egyptian Pound Latest African Currency to Slump to Record Low Versus US Dollar – Economics Bitcoin NewsThe pound's fall came amidst reports suggesting that Egypt is hoping to strike a loan deal with the IMF within a month or two.
Read more »

With one A’s veteran set to retire, another might be saying goodbye to OaklandMLB: Oakland A’s utility player Chad Pinder is set to become an unrestricted free agent this offseason after 10 years in the organization
Read more »