The Worse Automotive Market In Recent Times | The Situation is Dire For New Buyer

The Worse Automotive Market In Recent Times | The Situation is Dire For New Buyer #carmarket #suvmarket #suvnation We delve into the turbulent landscape of today's auto industry, which has morphed into a realm of unprecedented car prices, marking it as the most expensive market in recent history. Experts proclaim this era as a pinnacle of financial strain, supported by eye-opening statistics. Edmonds reveals that in the second quarter, a staggering 17.1 percent of vehicle financiers grappled with monthly payments surpassing a thousand dollars – a stark contrast to the pre-pandemic figure of 4.3 percent. Yet, it's not just prices; interest rates have surged. Cox Automotive reports an average new vehicle price of $48,000, significantly up from 2019's $39,000. Vehicles under thirty thousand dollars now comprise only eight percent of the market, down from 38 percent pre-pandemic. Those under twenty thousand dollars are a mere 0.3 percent.