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| Economy |
| Biden's Economy: Auto Sales Down 8 Percent, Lowest Levels Since 2011 |
| 2023-01-06 |
| [Red State] Supply-chain issues and poorly stocked dealerships plagued US auto companies in 2022, leading to an eight percent decrease in domestic sales and the lowest number of purchases in more than a decade. Skipping down: Adding to Detroit’s woes: inflation and high interest rates. I don’t know about you, but I’m holding on to my six-year-old Ford Explorer till they pry it from my cold, dead hands. Not only has the rising cost of goods eaten into what little discretionary spending I had available, but the Fed’s repeated rate hikes have also left the average auto loan rate at 5.16 percent for new cars and 9.34 percent for used cars. |
| Posted by:Besoeker |
| #8 I remember when you could buy a very nice house with the money you'd pay for a car these days. That's what you call the cumulative effect of inflation. |
| Posted by: Abu Uluque 2023-01-06 12:56 |
| #7 Inflation and rising interest rates are probably not helping sales. |
| Posted by: Super Hose 2023-01-06 12:24 |
| #6 |
| Posted by: Besoeker 2023-01-06 08:28 |
| #5 Cash for Clunkers = replacing ICE vehicles for EV's? |
| Posted by: DooDahMan 2023-01-06 08:26 |
| #4 ‘Kash for Klunkers II’ featuring mandatory retirement of all vehicles more than X years old. Payout = scrap metal rate. |
| Posted by: USN, Ret. 2023-01-06 08:07 |
| #3 Next up...'Kash For Klunkers II' |
| Posted by: Mullah Richard 2023-01-06 07:11 |
| #2 I guess when my 4-year-old vehicle sells USED for around $1,200 less than it did when I bought it new. The same 2023 model costs around $7.5k to $10k more now. Then add in the REAL 18+% inflation rate that is eating up more disposable income. An 8% slump in sales is better than I would have expected. |
| Posted by: NN2N1 2023-01-06 04:39 |
| #1 Supply Chain ? What about 'supply and demand?' Difficulty moving that $80,000 vehicle due to falling demand? Here's a tip, it's likely to become even more difficult. |
| Posted by: Besoeker 2023-01-06 03:27 |