It marks the sixth increase this year and has pushed new auto loan finance rates to their highest since 2019. Rates for used cars have also hit their highest since 2010. This will affect car shoppers this holiday season and into 2023 as they must contend with fewer low annual percentage rate incentives and more expensive car loans overall.
According to sales data in October, the average interest rate was about 6.3% for new cars and 9.6% for used vehicles.
"High APRS coupled with 72- or 84-month loans result in a person paying roughly a 20% premium over MSRP over the life of the loan, said Ivan Drury. On a $40,000 vehicle, with the current average APR of 6.3% and a 72-month term, this translates to $8,139 in finance charges, plus sales tax and title fees. Drury adds that this added cost will effectively cancel out any value you would get by trading in that vehicle in the near future to take advantage of elevated used car values.
Experts provide a few tips on how to best manage high-interest rates to help shoppers in need of a new or used vehicle in the coming months.
FOR THOSE WITH GOOD CREDIT
Esta historia es de la edición November 26, 2022 de Techlife News.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 26, 2022 de Techlife News.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
iPad mini - AI-READY DESIGN: THE A17 CHIP POWERHOUSE IN A COMPACT SIZE
Technology continues to shrink in size yet grow in capability, and the new iPad mini is no exception. The robust tool was designed to meet the demands of both personal and professional users.
16 Pro - AI-ORIENTED IMPROVEMENTS ON THE NEW IPHONE FLAGSHIP
At this year’s September Event, Glowtime, Apple unveiled new Apple Watches, AirPods, and iPhones.
iPhone 16 - THE STANDARD MODEL HAS NEVER BEEN THIS CLOSE TO PRO PERFORMANCE
The iPhone 16 and iPhone 16 Plus usher in a new era of tech powered by cutting-edge Apple Intelligence.
iPad Pro M4 - LOGIC PRO & FINAL CUT PRO: THE NEW HEIGHTS OF MOBILE COMPUTING
Apple wowed professionals with its all-new iPad Pro and iPad Air at its Let Loose event in May, but it is the accessories and software that will make the next generation of tablets stand out from the crowd and empower users to be more creative and productive than ever before.
Next Gen - iOS 18: PERSONALIZATION & INTELLIGENCE ACROSS MULTIPLE FEATURES & APPS
At this year’s WWDC, Apple introduced iOS 18, a significant update set to redefine the user experience on iPhone.
Robotics - AI TECHNOLOGY NOW TURNING SCI-FI INTO INDUSTRIAL REVOLUTION
The lines between science fiction and reality continue to blur, and new AI innovations bring the Machine Era closer to reality.
AirPods 4 - THE FAST EVOLUTION OF THE POPULAR WIRELESS EARPHONES
AirPods have transformed how we experience audio. With the introduction of the fourth generation, Apple is pushing the boundaries of innovation further, delivering immersive sound and connectivity.
Robot War - NEXT-GEN HUMANOID: OPTIMUS TESLA BOT VS ATLAS BOSTON DYNAMICS
Once a thing of science fiction, humanoid robots are now a reality, unlocking a new chapter in the world of technology and bringing to the fore a fascinating contest between two titans of the industry: Tesla, with its Optimus Tesla Bot, and Boston Dynamics, the creators of Atlas. It's a clash that could shape the future of robotics and how we live and work forever.
2024 THE DAWN OF THE APPLE INTELLIGENCE PRODUCTIVITY
2024 has been a groundbreaking year for Apple, with the tech giant continuing to deliver premium products catering to diverse users.
AUSTRALIA PLANS TO TAX DIGITAL PLATFORMS THAT DON'T PAY FOR NEWS
The Australian government said it will tax large digital platforms and search engines unless they agree to share revenue with Australian news media organizations.
