The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
Cox Automotive's quarterly review allows us to see how the market has progressed compared to expectations.
September U.S. auto sales, when confirmed next week, are expected to show a new-vehicle market mostly unchanged from previous months and still stuck in low gear.
The seasonally adjusted annual rate is estimated to be near 36.2 million, down from last August’s 40.8 million level and below July’s revised 38.3 million pace.
The report, based on Cox’s analysis of Motor Intelligence data, reported 211,609 CPO sales in August.
U.S. auto dealers see market weakness driven by inflation, economic anxiety, and tight inventory.
Highly successful Upside Direct weekend event sales have delivered significant value to sellers while giving buyers access to even more inventory to bid on and buy.
According to the Cox Automotive forecast, the August U.S. auto sales pace, or SAAR, is expected to finish flat month over month at 13.3 million, up from last year’s 13.1 million level.
Recent data points to more auto borrowers struggling to keep up with loans, but default rates remain below pre-pandemic levels.
Year to date, the total used market is currently on pace to finish the year down more than 12% from the 40.6 million recorded in 2021.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In