New-vehicle affordability declined in April to the worst level yet this year as the bite of higher prices and lower incentives reversed an improving trend.
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Lower interest rates, more incentives, and increased incomes could not offset the effects of higher prices, which drove down affordability.
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2024 ARA Summer Roundtable: Remarketing industry economists probed automotive sales trends in a recovering but variable marketplace.
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Higher rates are already shifting access to vehicles and financing towards wealthier consumers as overall affordability declines.
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Analysis: The Fed wants to see less credit flowing as part of their plan to induce pain, and it's working. Are they taking enough time to see the effects of their moves before doubling down?
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Cox Automotive’s chief economist, Jonathan Smoke, said he didn’t expect the Fed’s latest move to match the impact of the July cut for auto manufacturers or dealers.
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