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3 min read
New-Vehicle Affordability Improved Slightly in April
05/15/2023
New-vehicle affordability improved slightly in April and contributed to improving new-vehicle sales, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. Most factors helped as declining new-vehicle prices, increasing incentives and improving incomes offset a small increase in the average new auto loan rate. The typical monthly payment declined to the lowest level since October 2022. The number of median weeks of income needed to purchase…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
3 min read
New-Vehicle Affordability Improved Again in March
04/14/2023
New-vehicle affordability improved again in March and contributed to improving new-vehicle sales, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. All factors helped as declining new-vehicle prices, increasing incentives, improving incomes, and a lower average new auto loan rate reduced the average payment to the lowest level since September 2022. The number of median weeks of income needed to purchase the average new vehicle in…
Read Article
Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
3 min read
New-Vehicle Affordability Improved Again in February
03/16/2023
New-vehicle affordability improved again in February following modest improvement in January, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. All factors helped as declining new-vehicle prices, increasing incentives, improving incomes and slightly lower average new auto loan rate, as calculated by Moody’s Analytics, reduced the average monthly payment for a new vehicle to the lowest level since October 2022. The number of median weeks of income…
Read Article
Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
3 min read
Seismic Shift: The U.S. New-Vehicle Market is Becoming a Luxury Market
02/23/2023
For many current car shoppers, new-vehicle prices are about as enjoyable as a sharp stick in the eye. All the reasons are well documented – supply disruptions, low inventory, new technology, higher interest rates, and automakers focused on high-earning buyers. With the average manufacturer’s suggested retail price (MSRP) now close to $50,000, finding big-ticket items was not difficult recently as our team cruised the 2023 Chicago…
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vehicle affordability
new-vehicle prices
Market Insights
Data Point
2 min read
New-Vehicle Affordability Improved Slightly to Start 2023
02/15/2023
New-vehicle affordability improved for the first time in 6 months in January, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. Declining new-vehicle prices, increasing incentives and improving incomes offset challenges from auto loan rates reaching a new 20-year high. The number of median weeks of income needed to purchase the average new vehicle in January declined to 44.0 weeks from an upwardly revised 44.7 weeks in…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
2 min read
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. 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 December increased to 44.0 weeks from 43.3 weeks in November. Cox Automotive/Moody's…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
2 min read
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…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
2 min read
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…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
2 min read
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…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
2 min read
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…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
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