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One of the reasons is that cars have not only gotten more expensive, but the cost of debt has skyrocketed. Look at the interest rate of a car loan a year or two
by GenerWork 3y ago
One of the reasons is that cars have not only gotten more expensive, but the cost of debt has skyrocketed. Look at the interest rate of a car loan a year or two ago compared to now.
- autoexec 3y agoHousehold debt is already at records highs. It's no surprise people aren't rushing to buy new cars when they're struggling to keep their monthly bills paid and their power on https://www.theguardian.com/us-news/2023/jan/29/us-utilities-shut-off-power-to-millions-amid-record-profits https://www.theguardian.com/us-news/2023/jan/29/us-utilities...
- bombcar 3y agoAnd even if you want to buy a brand new minivan, the only ones they ever have in stock are the top of the line models costing nearly twice as much as baseline.
- theGnuMe 3y agoYes but an overall interest rate increase drives a decease in prices and an increase in manufacturer incentives and financing. It just takes a little time to work through the system and it'll be specific to particular models usually.