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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… Read Article
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… Read Article
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… Read Article
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… Read Article
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… Read Article
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… Read Article
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… Read Article
Vehicle Affordability Index Cox Automotive/Moody's Analytics Vehicle Affordability Index vehicle affordability Market Insights Data Point
2 min read
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
2 min read
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
Vehicle Affordability Index Cox Automotive/Moody's Analytics Vehicle Affordability Index vehicle affordability Market Insights Data Point