Required listening: โSeptemberโ by Earth, Wind, and Fire.
๐ Sales Buzz: September's new car sales look good. Around 1.3 million.
๐ณ UAW Strikes: Here's the tea: the United Auto Workers union went on strike, but it's not causing too much drama so far.
โ๏ธ Car Stockpile: At the start of the strike, we had about 2 million cars chilling in inventories across the US. Thanks to that buffer, prices haven't gone wild... yet.
๐ Loan Woes: Loans are getting pricier, folks. New car loans are over 9.6%, and used ones? Over 14%.
๐คLast Thoughts: Back in the COVID days, low loan rates and extra cash bumped car prices. Now? Tighter stocks do the same. We have our fingers crossed for the UAW strike to end and loan rates to chill.
Good info, as always, from Cox. We will find and pass along any info or data we can so you stay informed as a deal is hammered out between the workers and companies that takes good care of all the people involved.