Problems solved by this week’s automotive advancements: loan terms combat rising vehicle prices, the rebounding industry eases dealer sentiments, and used cars keep consumers afloat.
FROM WARDSAUTO: Vehicle Prices Rise, Loan Payments Barely Budge
As prices rise, budget-conscious consumers continue to stretch their loan terms in order to maintain manageable monthly payments. The percentage of loans with terms between 85 and 96 months grew to 4.8% in Q2.
FROM COX AUTOMOTIVE: U.S. Auto Dealer Sentiment Reaches Record High; Inventory Becomes Top Concern
A new survey shows both franchised and independent dealers have changed their outlooks on the current state of the industry. Opinions on customer traffic, used-vehicle sales, and dealership profits have all rebounded significantly since the beginning of COVID, while inventory remains a major pain point.
FROM THE NEW YORK TIMES: Looking to Buy a Used Car in the Pandemic? So Is Everyone Else
Used car and truck sales were up 22% in recent months, a trend that’s taken both dealers and consumers by surprise. Shoppers are depending on affordable used models to curb their transportation needs while dealers are fighting to obtain used inventory as new car levels remain stagnant.
FROM REUTERS: GM CEO Moves to Remake U.S. Automaker for EV Future
The automaker is standing firm in its commitment to an all-electric future by putting in motion two major production partnerships. While this shift may seem trendy to some, analysts believe EVs are the key to staying competitive in the years to come.