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== Affordability ==
== Affordability ==
[[File:Screenshot 2024-04-18 113634.png|alt=|center|thumb|719x719px|https://www.coxautoinc.com/market-insights/march-2024-vai/]]
[[US Auto Affortability: Historical Releases|US Auto Affordability: Historical Releases]][[File:Screenshot 2024-04-18 113634.png|alt=|center|thumb|719x719px|https://www.coxautoinc.com/market-insights/march-2024-vai/]][[File:Screenshot 2023-10-10 110727.png|center|thumb|698x698px|https://www.coxautoinc.com/wp-content/uploads/2023/09/Sept-26-Q3-2023-Cox-Automotive-Industry-Insights-Presentation.pdf]]
 
=== June 2024 ===
=== June 2024 ===


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* 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 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.
* 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 ===
[[File:Screenshot 2023-10-10 110727.png|center|thumb|698x698px|https://www.coxautoinc.com/wp-content/uploads/2023/09/Sept-26-Q3-2023-Cox-Automotive-Industry-Insights-Presentation.pdf]]The typical new-vehicle payment declined 0.8%, and the number of median weeks of income needed to purchase the average new vehicle declined to 42.2 weeks from an upwardly revised 42.6 weeks in August. At 42.2, the affordability index was lower than the 42.9 recorded last September by 1.6%.<ref>https://www.coxautoinc.com/market-insights/september-2023-vai/</ref>
* '''The estimated typical monthly payment declined 0.8% to $765''', from an upwardly revised $771 in August. The average monthly payment peaked at $794 in December.
* The median income grew 0.3%, the average new-vehicle transaction price declined 0.5%, and incentives from manufacturers were nearly unchanged. The typical new vehicle loan interest rate increased to 10.48%, which was a new peak.
* '''Average payments up 23-39% since 2019 and now out of reach for many households'''
* Auto loan rates moved higher in August and now into September with average new up to 9.61% and used at 14.03%
* About 50% of households can only afford a $400 monthly payment
=== June 2023 ===
* The number of median weeks of income needed to purchase the average new vehicle in June was steady at 43.0 weeks from an upwardly revised 43.0 weeks in May, which had been the lowest level since September. The estimated number of weeks of median '''income needed to purchase the average new vehicle in June was up 1.5% from last year.'''<ref>https://www.coxautoinc.com/market-insights/june-2023-vai/</ref>
* The typical new-vehicle loan interest '''rate increased by 4 basis points to 9.63%'''
* The estimated typical monthly '''payment increased by 0.2% to $771''' from an upwardly revised $770 in May. The average monthly payment peaked at $795 in December.


== Auto Loan Performance ==
== Auto Loan Performance ==
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