Vehicle Affordability Index Archives

New-Vehicle Affordability Declined to New Low in 2022 01/17/2023 New-vehicle affordability declined again in December and reached a new low in 2022, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index released yesterday. Auto loan rates reached a new 20-year high and the average new-vehicle price increased to a record-high $49,507. The number of median weeks of income needed to purchase the average new vehicle in November increased to 44 weeks from 43.3 weeks in November.… Read Article

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New-Vehicle Affordability Declines Again in November, Monthly Payment Hits $762 12/15/2022 New-vehicle affordability declined again in November as auto loan rates reached another 20-year high, and the average new-vehicle price increased and set a record, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in November increased to 43.3 weeks from 42.8 weeks in October. Cox Automotive/Moody's Analytics Vehicle Affordability IndexNovember 2022 Weeks… Read Article

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New-Vehicle Affordability Declines Again in October, Monthly Payment Hits Another Record High 11/15/2022 New-vehicle affordability declined again in October with auto loan rates reaching a 20-year high as prices increased slightly, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in October increased to 42.8 weeks from an upwardly revised 42.6 weeks in September. Cox Automotive/Moody's Analytics Vehicle Affordability IndexOctober 2022 Weeks of Income Needed… Read Article

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New-Vehicle Affordability Declines Again in September, Monthly Payment Hits Record High 10/17/2022 New-vehicle affordability declined again in September, with auto loan rates reaching a 15-year high even though prices declined slightly. The number of median weeks of income needed to purchase the average new vehicle in September increased to 42.2 weeks from a downwardly revised 42.1 weeks in August. Cox Automotive/Moody's Analytics Vehicle Affordability IndexSeptember 2022 Weeks of Income Needed to Purchase a New Light Vehicle Average Monthly… Read Article

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Rising Prices and Rates Make New Vehicles Increasingly Unaffordable 09/15/2022 With new-vehicle prices setting a new record and auto loan rates reaching a more-than-10-year high, new-vehicle affordability declined again in August, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in August increased to 42.6 weeks from an upwardly revised 42.2 weeks in July. Cox Automotive/Moody's Analytics Vehicle Affordability IndexAugust 2022 Weeks… Read Article

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New-Vehicle Affordability Worsens in July as Typical Monthly Payment Hits Record $733 08/15/2022 New-vehicle affordability declined slightly again in July with increases in interest rates and new-vehicle prices reaching a record high, according to the Cox Automotive/Moody's Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in July increased to 42.2 weeks from a downwardly revised 42.0 weeks in June. Supporting affordability, median income grew 0.4% and incentives increased for… Read Article

Vehicle Affordability Index Cox Automotive/Moody's Analytics Vehicle Affordability Index vehicle affordability Market Insights Data Point

New-Vehicle Affordability Declines Again in June, Typical Monthly Payment Hits Record $730 07/15/2022 New-vehicle affordability declined again in June with increases in rates and prices reaching a new record, according to the Cox Automotive/Moody's Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in June increased to 42.2 weeks from an upwardly revised 41.5 weeks in May. Supporting affordability, median income grew 0.3%, but all other factors moved against affordability.… Read Article

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New-Vehicle Affordability Declines Again in May, Typical Monthly Payment Hits New Record of $712 06/15/2022 New-vehicle affordability worsened again in May, with increases in interest rates and vehicle prices outpacing income growth. The number of median weeks of income needed to purchase the average new vehicle increased for the fourth consecutive month reaching 41.3 weeks in May from an upwardly revised 40.8 weeks in April. Cox Automotive/Moody's Analytics Vehicle Affordability IndexMay 2022 Weeks of Income Needed to Purchase a New Light… Read Article

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With New-Vehicle Prices Climbing in April, Affordability Declines Further 05/16/2022 New-vehicle affordability declined slightly in April despite revised data indicating stronger income gains, according to the latest Cox Automotive/Moody's Analytics Vehicle Affordability Index. The inputs to the index again moved in differing directions in the month. The number of median weeks of income needed to purchase the average new vehicle in April increased to 40.6 weeks from a downwardly revised 40.2 weeks in March. Cox Automotive/Moody's… Read Article

Vehicle Affordability Index Cox Automotive/Moody's Analytics Vehicle Affordability Index vehicle affordability Market Insights Data Point

New-Vehicle Affordability Remains Stable in March 04/15/2022 New-vehicle affordability remained stable in March but remains near the low in affordability set in December as rate increases in 2022 offset income gains and modest price declines, according to the Cox Automotive/Moody's Analytics Vehicle Affordability Index. The inputs to the index again moved in differing directions in the month. The number of median weeks of income needed to purchase the average new vehicle in March… Read Article

Vehicle Affordability Index Cox Automotive/Moody's Analytics Vehicle Affordability Index vehicle affordability Market Insights Data Point