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How steep interest rates have negated steadying car prices Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on the site, such as such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews you see on this site. We do not include the vast array of companies or financial offerings that could be accessible to you.



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5 minutes read. Published March 22, 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to buy the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied information that break down complex subjects into bite-sized pieces.









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The last two years of car prices have been a rollercoaster for both drivers and sellers. This summer was a record year for transaction prices that averaged of $48,000, as per Kelley Blue Book (KBB) and then followed. Fortunately, prices for cars have been leveling during the holiday season, following the peak price of this summer. But -- simultaneously -- interest rates have been increasing. This synchronous increase in rates as well as a drop in prices has degraded any real gains for consumers. Interest rates for new vehicles were up in October from 4.2 percent just a year ago, as per Edmunds information. This has compounded into an unhappy situation for motorists who are finally feeling some relief from the sticker cost. With the prospect of a recession looms in the near future, it is essential to be aware of how this could affect the monthly cost to own the vehicle. The monthly payments have increased by 3percent. A person's monthly payments are based on many factors, like the vehicle and loan duration. But the cost is also affected by the benchmark rate set by the Federal Reserve, which auto lenders use to . Since the Fed rate has risen -which is currently set at 4.75-5 percent -- in the last year the cost of borrowing money has followed. The result is that lenders have increased their costs to finance. The more money you pay to finance, the more the interest rates, and the more expensive the monthly cost is. October set the record for monthly payments for new vehicles costing $748 according to KBB. Although prices have dropped by almost 5 percent the monthly payment is up 3.3 percent, according to a CoPilot study. Although this increase might seem small, it's actually amounted to over a thousand dollars during the . This was a disastrous outcome for motorists who were feeling relief from declining vehicle prices. The savings that could be made are being offset with the rise in interest rates. Even if the prices for vehicle transactions are more accessible, the will still be much higher -- which makes it difficult for drivers to in the beginning. Lower wholesale prices haven't been translated into retail prices. Logic tells us that If wholesale prices are less then the price consumers pay will follow -- but unfortunately, that is not the situation. Since the beginning of the year, wholesale prices have dropped more than 15 percent. But the average cost of transactions for cars is higher. This is primarily due to the continuing need for new cars. October was the month with the highest amount of new-vehicle inventory since the month of May 2021. But just because the cars are readily available doesn't mean that drivers are able to afford them. For many drivers it is clear that the price to purchase right now is not worth it. In October, as mentioned earlier, there were records for monthly payments, which topped $750, according to KBB. Therefore, even though vehicles inventory increased however, it is still low according to historical standards. This limited available supply means continued high prices in the retail industry. A rise in credit union auto loans One reaction to high interest rates has led some borrowers to borrow with . The difference with the credit union is based on the amount of money available. Credit unions are member owned and are not for profit which means they typically have less fees and lower loan rate of interest. The second quarter ended 2022, Experian found credit unions have increased their market share over the past five years, while falling in line with the Fed increasing interest rates. The ability to get financing through credit unions is one way drivers are finding relief in this . The fight of the Fed to curb inflation is not going to end anytime soon. Federal Reserve walks a thin line between controlling inflation and ensuring affordable prices for consumers. The market for automobiles is an example of the areas where inflation isn't at a level that is under control. And unfortunately the higher rates are expected to not disappear anytime in the near future. "Affordability is going to be a challenge for a long time to come in both the used and new market," explains Cox Automotive Chief Economist Jonathan Smoke. "It's not the Fed's fault but it will affect the access of consumers to transportation." KBB found an average income earner will need to put in 40 weeks of work to pay off a new vehicle. These kinds of statistics, Smoke notes, are making car financing particularly difficult for people with lower earnings. "Higher rates have already shifted the availability of vehicles and financing to more wealthy consumers," he says. Access to cars is also a problem that creates a challenge for consumers to respond as they may have in similarly difficult economic times. Looking back to the 2008 recession, drivers enjoyed the benefits of vehicle incentives and an influx of dealerships looking to sell. However, with fewer inventory options and no relief for drivers. Two main reactions to the likelihood of inflation continuing to rise are that the overall level of debt is increasingwhich is reflected in increased delinquency rates, and drivers who are experiencing higher rates of depreciation. The amount of auto loan debt continues to grow. overall loan balances have increased by 8 percent between quarter one from 2021 to 2022 according Experian. This feeds into the staggering . On top of general debt growth The number of borrowers is also increasing. For the quarter that ended in the year 2022, TransUnion found it was 3.34 percentage of car loans were over 30 days in arrears. This is one of the highest delinquency numbers in the past couple of years. While it is true that part of the reason is due to backlogged accounts due to the pandemic, the increase is still notable, especially for subprime borrowers who are the most affected. "Delinquencies are in line with historical levels for most credit products. However, levels have increased over the last year, especially among subprime consumer segments" says Michele Raneri, vice president of U.S. research and consulting at TransUnion. It is also expected that auto loan amounts will be higher than the remaining balance of student loans in the first half of 2023, as per the Consumer Financial Protection Bureau. This reinforces the domino effect that actions by the Central Bank have on vehicle affordability. So, as delinquencies return to pre-pandemic levels, it is important to understand how increasing rates of interest will increase the cost of a vehicle, and thus the likelihood of delinquency. Drivers are being met with a higher rate of depreciation than usual on in addition to the higher cost of cars as well as interest rate, motorists will likely lose money in the coming months due to faster vehicle depreciation, says Henry Hoenig, data journalist for Jerry. The biggest influence in this situation comes down to the timing at which drivers purchase their vehicles. "People who purchased used cars in the past year or two have paid exorbitant costs," Hoenig explains. The used car market is cooling, these motorists are the most at chance of experiencing rapid depreciation. However, it's not the only bad news for vehicle owners. "For at least the next two years or so, the value of used vehicles likely won't fall back to the levels they were prior to the massive increase over the last two years" Hoenig says. This is due in large part to the fact that the supply won't return to the normal levels anytime in the near future. Now may not be the right time to purchase a car High vehicle costs are not the only expense that Americans are being afflicted with. "Consumers are being pushed on multiple fronts, first by this climate of high inflation and then by the increased rates of interest the Federal Reserve is implementing to tamp it down," Raneri explains. A car purchase is among the most expensive purchases many consumers make. And when interest rates are high it is possible to be a viable option. The truth of high prices is not a surprise, but waiting to make a large purchase such as a car can save you money. If you do not have the privilege of waiting for a car, be prepared to pay more and consider tips to save when buying an automobile in .


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to purchase an automobile.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers feel confident to manage their finances through providing clear, well-researched facts that break down otherwise complex topics into manageable bites.






Auto loans editor




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