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2 min read
February New-Vehicle Affordability Best in 31 Months
03/15/2024
Trends in new-vehicle affordability factors moved in a positive direction in February, leading to the best affordability in 31 months (since July 2021), according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “New-vehicle affordability improved in the consumer’s favor again last month,” said Cox Automotive Chief Economist Jonathan Smoke. “Income growth continued and both the average new-vehicle price and the average interest rate declined.” The typical payment…
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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 Surges in January
02/15/2024
Trends in new-vehicle affordability factors moved in support of consumers in January, leading to better affordability compared to December and much improvement year over year, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “Just as new-vehicle affordability improved in January to its best level in over two years, access to auto credit moved in the other direction,” said Cox Automotive Chief Economist Jonathan Smoke. “Income…
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 Deteriorated Modestly in December
01/16/2024
The affordability of new vehicles showed a modest decline in December compared to the previous month due to mixed trends. However, new-vehicle affordability improved year over year, according to the Cox Automotive/Moody's Analytics Vehicle Affordability Index. “Due to an increase in average transaction prices, new-vehicle affordability worsened month over month in December,” said Cox Automotive Chief Economist Jonathan Smoke. “However, year over year, it is 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 Improved to Best in Two Years
12/15/2023
New-vehicle affordability improved slightly month over month and was again better year over year, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “Trends in new-vehicle affordability factors mainly moved in favor of consumers in November to the best level of affordability in more than two years,” said Cox Automotive Chief Economist Jonathan Smoke. “Income growth again more than offset the impact of higher prices while…
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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 Little Changed in October Despite Higher Interest Rates
11/15/2023
Income growth favored consumers enough in October to offset the impact of higher prices, lower incentives, and higher auto loan rates. New-vehicle affordability improved slightly month over month and year over year, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “In October, strong income growth and smaller financed amounts helped the consumer overcome negative vehicle market dynamics,” said Cox Automotive Chief Economist Jonathan Smoke. The…
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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 Improved in September
10/16/2023
In September, strong income growth and lower vehicle prices were enough to offset higher auto loan rates. Income and market dynamics favored consumers in September, and new-vehicle affordability improved enough in the month to now see improvement year over year. This marks the first time since 2019 that the Cox Automotive/Moody’s Analytics Vehicle Affordability Index (VAI) was lower year over year. The typical new-vehicle payment declined…
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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 August
09/15/2023
Income and vehicle market dynamics continued to favor consumers in August, as new-vehicle affordability improved again, extending the monthly streak of modest improvement all year. This time, strong income growth and higher incentives were enough to offset somewhat higher prices and steady but high interest rates. Although prices increased slightly, the typical payment also went up. However, the number of median weeks of income required to…
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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 in July
08/15/2023
Continuing a trend that has persisted for most of this year, new-vehicle affordability improved in July, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. Strong income growth was assisted by lower prices and higher incentives that more than offset slightly higher rates. The typical monthly payment declined to the lowest level since October. The number of median weeks of income needed to purchase the average…
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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 Stable in June
07/14/2023
New-vehicle affordability was unchanged in June, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. Strong income growth helped to offset higher prices and slightly higher rates. Higher prices and rates caused the typical payment to increase somewhat from May, which was the lowest payment since October. The number of median weeks of income needed to purchase the average new vehicle in June was steady at…
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Vehicle Affordability Index
Cox Automotive/Moody's Analytics Vehicle Affordability Index
vehicle affordability
Market Insights
Data Point
3 min read
Strong Income Growth Helps New-Vehicle Affordability Improve Slightly in May
06/15/2023
New-vehicle affordability improved slightly again in May. Strong income growth helped to offset modestly higher prices and slightly higher rates. Higher prices and rates caused the typical payment to increase slightly from what had been the lowest payment in April since October. The number of median weeks of income needed to purchase the average new vehicle in May declined to 42.9 weeks from an upwardly revised…
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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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