Monthly auto loan payments are at historic highs, transaction prices continue to climb and sticker prices are losing their relevance as car shoppers' wallets are being walloped. It's not only dampening overall auto sales but affecting EV adoption reports and analysts say.
Ironically, annual percentage rates on auto loans are actually in retreat according to Merchant who noted they've plateaued with an average of 4% for a new car loan and 8% for used car financing which are both lower than APRs in 2018 and 2019. The payments, however, are being bloated by consumers' preferences for pricey pickups and SUVs, Merchant said.
“For nearly a year now, we’ve seen new vehicles transacting above suggested retail prices,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive in a“High prices, a lack of inventory, few incentives – the market is changing, pushing many would-be buyers to the sidelines and forcing others to order from future stock and wait. We expect new-vehicle affordability will be a challenge for the foreseeable future.
But he's confident resistance to EV adoption, especially by those who drive work vehicles, by the introduction of the Ford F-150 Lightning electric pickup truck, going so far as to call it “the most significant introduction of a vehicle since the Model T.”...
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