Don't read the lack of #EV sales as lack of demand. Prices are too high across the board. Interest rates are pushing payments even higher. A $40,000 72 month loan has increased from $606 to $701 a month in the past 12 months. At $60+K for an EV that increase is even more dramatic going from $938 to $1051 per month. Affordability is driving lack of demand plain and simple.
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Lenders are less likely to give out loans. The criteria are stricter due to inflation costs and the recent increase in delinquencies and defaults. The overall rejection rate for auto loans was 14.2 percent in June this year. The highest since the Federal Reserve started following the data in 2013. #news #carsnes #cars #automotive #automotiveindustry #automotivenews #chaiz
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It's no secret that delinquencies and losses on subprime auto ABS have been on the rise lately. But there's a glimmer of hope on the horizon as industry analysts suggest that improved underwriting standards and a leveling out of inflation could help turn things around. Here's my take on what the future holds for subprime auto ABS: • With improved underwriting practices, we may see a reduction in risky loans being approved, which could lead to lower delinquency rates in the long run. • The stabilization of inflation rates could provide some much-needed relief for borrowers, making it easier for them to keep up with payments. • However, it's important to remain cautious as economic conditions are still uncertain, and any unforeseen changes could impact the performance of subprime auto ABS. • Overall, I believe that with the right strategies in place, there is potential for a positive turnaround in the subprime auto ABS market in the coming months. Let's keep a close eye on how these factors play out and the impact they have on the industry. In a nutshell, while challenges persist, there are promising signs of improvement for subprime auto ABS that could pave the way for a more stable and resilient market moving forward. Keep an eye on how these developments unfold and their impact on the industry – positivity might just be around the corner!
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Are you curious to know what $15,000 could get you? We sure are. With the cost of living increasing we understand you want to know whether you’re getting a good deal for $10,000. We’ve done our research on Car Sales and found the following 👆 Thoughts? What would you spend a $15,000 loan on?
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New vehicle prices have skyrocketed these past few years, with the cost averaging well over $48,000 toward the end of 2023. These increased costs, coupled with rising interest rates, mean that buying a vehicle can take a significant bite out of your budget. Check out my latest newsletter by clicking the link below. If you have any questions feel free to reach me at 309-820-7443 or by email at [email protected].
Should You Buy or Lease Your Next Vehicle?
investmentplannerssc.com
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SHARE THIS RESOURCE WITH YOUR SAVERS 👇 Buying an automobile is a major purchase and often the first large purchase many of us make. Finding the right car, navigating loans, and negotiating with a dealership or seller can be a little daunting. With that in mind, we’ve put together a few steps you can take to help ensure you are making the right purchase decision and getting the best deal possible! 👉https://lnkd.in/eJzbiixY #AmericaSaves #cardealership #carpurchase #savingmoney #autoindustry
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Per credit availability index from Cox Automotive, access to auto credit is at lowest since August 2020 … approval rate for loans is down by 1.6% year/year
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