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Automotive Industry:United States: Difference between revisions
→Affordability
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== Affordability == | == Affordability == | ||
[[File:Screenshot | [[File:Screenshot 2024-04-18 113634.png|alt=|center|thumb|719x719px|https://www.coxautoinc.com/market-insights/march-2024-vai/]] | ||
=== March 2024 === | |||
Along with the decrease in average rate, income growth continued, the average new-vehicle transaction price declined, and incentives increased. The typical payment decreased by 1.2%, and the number of median weeks of income needed to purchase the average new vehicle declined to 36.9 weeks from an upwardly revised 37.5 weeks in February.<ref>https://www.coxautoinc.com/market-insights/march-2024-vai/</ref> | |||
* The typical new vehicle loan interest rate declined 15 basis points to 10.47% in March, which was the lowest average since September. The median income grew 0.3%, while the <mark>average new-vehicle transaction price</mark> declined 0.1%. As a result of these changes, the estimated typical monthly payment decreased by 1.2% to $744 from $753 in February. The average monthly payment peaked at $795 in December 2022. | |||
* The estimated number of weeks of median income needed to purchase the average new vehicle in March was down 6.2% from last year. | |||
=== September 2023 === | === September 2023 === | ||