'Loan terms have increased over the past four years. Going back to June of 2019, it was 68 months, and now it is 72 months. Consumers are paying more for vehicles and taking longer to pay for them.'
At the height of the pandemic, many car dealerships had empty lots and customers waiting for orders as factories had to shut down due to supply chain issues and a shortage of microchips.The found the average new vehicle price in June 2023 was $66,288, a 21.3 per cent increase over June 2022.AutoTrader said that not only do both new and used vehicles cost more, but consumers also need more time to pay for them.
It's not just price; many car buyers choose to buy used vehicles because the new ones they want are unavailable. Inflation and rising interest rates also make new and used car purchases more expensive. Average monthly payments for used cars have ballooned from $466 in 2019 to $639 in 2023., which analyzes the value of new and used vehicles in the market, said rising interest rates make car loans much more expensive.
Many people are also spending more repairing and maintaining their cars to try and make them last longer."You might not be able to find the colour trim, the make and model in the marketplace, and that's a real cause for concern for many buyers," said Ross.
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