A few months ago it was practically impossible to think about the possibility of being able to acquire a new car, the high prices in the market made Americans move away from the idea, especially in a context of crisis due to a pandemic.
The shortage of chips, as well as the problems in the supply chain, made the inventory scarce and, therefore, what was available in the market had really skyrocketing costs.
After the adversities, the prices of new cars are going down as more vehicles become available, but the limitation now has to do with the interest rates on loans, since it represents the highest level in three years.
According to a report from the firm of JD Power consumer research, the percentage for the purchase of new cars remains high, it has represented more than 24% in the last two years.
Given the current trend Incidentally, the average price per vehicle for October is expected to be several hundred dollars cheaper than the record level reached during the summer. Due to the above, it is thought that the cost of $46,173 dollars per unit , average, in July, has dropped to $45,664 dollars corresponding to October .
According to Thomas King, president of the data and analysis division of JD Power, for a large percentage of consumers, buying a new car is still difficult. Especially due to the issue of interest rates for car loans, which exceeded 6% in October.
Under this perspective, according to the expert, the average monthly payment for the purchase of a new vehicle is expected to be higher than last year, when it represented $664 dollars, now it will be $711 dollars. Figure that not everyone will be able to cover specific sectors of the population thinking about the needs of families.
Despite this trend, the representative of JD Power, indicated that the pace of sales of new vehicles in the country rose in October as vehicle inventory improved, helping make it a strong month for automakers.
“Although rising interest rates continue to put pressure on affordability, buyers spent more money on new vehicles this month than in the previous October,” added Thomas King.
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