If you recently took out a loan to buy a car, especially a Tesla, you’ll likely be paying more for that car than it's worth soon.
In the fourth quarter, which runs from October through the end of December, 17% of new vehicle sales with a trade-in had negative equity, compared with 15% in the fourth quarter of 2021 and 32 in the fourth quarter of 2020, Edmunds said. Meanwhile, the average amount owed on upside-down loans rose to $5,341 from $4,141 in the fourth quarter of 2021 and $5,059 in the final quarter of 2020, data showed.
The best thing to do if you’ve already bought your car and committed to a high loan amount, Drury said, is to hang on to your car as long as you can. “Drive it ‘til the wheels fall off,” he said. If you haven’t bought a car yet and don’t need one right away, wait. Most analysts expect car prices will continue to fall as the Federal Reserve raises its short-term fed funds rate to make borrowing more expensive to slow spending and inflation.
This year “will return to normalcy,” Drury said. “People won’t be paying above MSRP . Manufacturers will offer cash back and leasing deals.” Sometimes life changes require you to buy a car right away or maybe, you just really, really want one now. If you can't wait, here are things to consider so you get the best rate:Credit scores influence what rates lenders can offer you.Put more money down on purchases to offset rising costs.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Tesla Sighs and Lets Customers Have a Normal Steering Wheel Instead of Weird Misshapen Yoke ThingTesla is finally offering its Model S and X with a round steering wheel instead of limiting options for both vehicles to a controversial steering 'yoke.'
Baca lebih lajut »
Here are Friday's biggest analyst calls: Netflix, Tesla, Apple, Coinbase, Tesla, Ralph Lauren & moreHere are Friday's biggest calls on Wall Street.
Baca lebih lajut »
Shell is buying EV charging company Volta for $169 million | EngadgetOil and gas company Shell is buying EV charging operator Volta for $169 million.
Baca lebih lajut »
Early Addition: Drug store theft is fueling America's love of buying cheap cosmetics on Amazon'The Last of Us' had a big debut, so here are your morning links while you contemplate a fungi pandemic: Drug store theft is driven by Americans buying cheap cosmetics on Amazon, talk to your cat in a baby voice, Fordham adjuncts threaten to strike & more.
Baca lebih lajut »
Bank of America issues today: Some customers report money missing from accountsSome Bank of America customers have reported money missing from their accounts. At least one person said their checking account was wiped clean.
Baca lebih lajut »
Bank of America, Zelle respond to customers reporting missing depositsUsers took to social media Wednesday to complain that deposits weren't showing up, causing them to overdraw or have payments declined.
Baca lebih lajut »