The average car price is still at more than $48,000, and new vehicle prices have been above the average manufacturer’s suggested retail price for more than a year.
The collapse of Silicon Valley Bank and the banking crisis that it unleashed may tighten auto financing and keep new cars out of reach for an increasingly large number of Americans.
“At some point we are going to hit a wall, and that’s going to be quite a rude awakening,” said Karl Brauer, an analyst with iSeeCars.com.“It’s just ridiculous what people are paying for cars now. I don’t know what percent of the U.S. population can keep paying those prices.”In the five years to December, the share of new car buyers earning more than $150,000 a year grew to 29% from 22%, AlixPartners analysis showed.
Related: Ford seeks patent to repossess a car remotely — by locking owners out of their cars and cutting off AC Plus, consumers want larger cars. “The affordability question is not going to be solved by OEMs building cheaper vehicles,” he said. About 30% of auto loans are made through credit unions, Barclays said, up from about 20% in the last three years.
Prices slid to an average $48,763, or $705 less than January’s $49,468. Transaction prices, however, were up 5.3%, or by $2,466, from the year ago, Kelley Blue Book said.
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