Granted, the below article is from this past December. I was in a national bank yesterday making a small deposit. There was a gentleman in front of me asking about interest rates for a new car.
The teller was very nice and answered all his questions then said. "You may not want to be focusing on a new car as repo's are up a lot and you can get a great deal on a low mileage new car". Interesting.
A growing number of consumers are falling behind on their car payments, a trend financial analysts fear will continue, in a sign of the strain soaring car prices and prolonged inflation are having on household budgets.
...
Industry analysts worry the trend is only going to continue into 2023 with economists expecting unemployment to rise, inflation to remain relatively high and household savings set to dwindle. At the same time, a growing number of consumers are having to stretch their budgets to afford a vehicle; the average monthly payment for a new car is up 26% since 2019 to $718 a month, and nearly one in six new car buyers is spending more than $1,000 a month on vehicles. Other costs associated with owning a car have also shot up, including insurance, gas and repairs. NBCNews
