New reports from Cox Automotive show that despite declining consumer sentiment, Americans are still dropping plenty of dough on the economy, especially in sectors like travel and recreation. The data also reveals:
😤 Financing Frustrations: The auto industry continues to face financing hurdles as interest rates reach unprecedented peaks. New auto loan rates surged to 9.95% this October, emphasizing the increasing cost of borrowing. Used car buyers face even higher rates — averaging 14.16%.
⛽️ Fuel Fluctuations: A recent 2.9% weekly drop brought gas prices to $3.70/gallon as of Sunday, signaling a 5% decrease from the previous year.
🎢 Inventory Inertia: While new inventory saw a modest uptick of nearly 1% recently, it remains 35% lower than pre-pandemic levels. The ongoing deficit highlights supply chain challenges and is contributing to market uncertainties.