The company said it saw improved semiconductor supplies, more stable production and increased inventory on dealer lots. Still, General Motors managed to lead the industry for the quarter, selling more than 555,000 vehicles, a 24 percent increase over last year. In addition, average auto loan interest rates hit 5.7 percent between July and September, up from 4.3 percent a year ago, with terms stretched to average over 70 months, Edmunds said. Last month, new auto prices averaged $45,622, the fourth-highest monthly price on record, according to J.D. “We’re seeing consumers faced with the reality that to afford the same vehicle at the same monthly payment as last year, they are forced to increase their down payment, which is creating affordability challenges.” “With increasing interest rates, affordability is being tested,” Zack Krelle, an industry analyst at TrueCar. But analysts said any monthly gain may be short lived due to high prices and rising interest rates. Many companies, including GM, said sales rose in September as shortages of computer chips and other parts started to ease and auto factories were able to produce more, increasing vehicle supplies.
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