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September Payments Reach New Heights
Despite lower interest rates and longer loan terms, the average new-vehicle monthly payment continues to climb, and transaction prices remain high.
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SEARCHMENUSEARCHDespite lower interest rates and longer loan terms, the average new-vehicle monthly payment continues to climb, and transaction prices remain high.
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The company reported a profit before tax of $326 million for the quarter ending in December.
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Last week, wholesale price declines lessened, coming in at a level on par with last July (apart from the weeks around Thanksgiving and Christmas when volume and conversions were down), before the declines began to accelerate for Q3 and Q4.
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Cox reports that in the auto sector sales of motor vehicles and parts fell in December.
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Tesla has built a commanding lead over most major rivals in profit per vehicle, according to Reuters research.
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Cox’s Auto Market Weekly Summary for January 13 shared both positives and negatives.
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Auto industry analysts remain on high alert for “demand destruction” as high interest rates, escalating vehicle costs, and a down economy threaten auto sales.
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With two weeks of the new year now behind us, the trends that we ended 2022 with are continuing into 2023.
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Average vehicle transaction prices continue to soar, according to data released by Kelley Blue Book.
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With 2022 fully in the rearview mirror, we can begin to evaluate the years performance: the overall market finished down 22.9%, with Cars down 22.7% and Trucks down 23%.
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U.S. electric vehicle purchases climbed to 5.8% of all vehicles sold in 2022, up from 3.2% in 2021, according to Motor Intelligence.
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