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
ãã®èšäºã¯ Techlife News ã® November 26, 2022 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ Techlife News ã® November 26, 2022 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
SOUTH KOREA FINES META $15 MILLION FOR ILLEGALLY COLLECTING INFORMATION ON FACEBOOK USERS
South Koreaâs privacy watchdog this week fined social media company Meta 21.6 billion won ($15 million) for illegally collecting sensitive personal information from Facebook users, including data about their political views and sexual orientation, and sharing it with thousands of advertisers.
CHINESE ONLINE RETAILER TEMU FACES EUROPEAN UNION INVESTIGATION INTO ROGUE TRADERS AND ILLEGAL GOODS
Chinese online retailer Temu is facing a European Union investigation over suspicions itâs failing to prevent the sale of illegal products, the 27-nation blocâs executive arm said.
CORNING FACES EU ANTITRUST SCRUTINY OVER GORILLA GLASS DEALS WITH PHONE MAKERS
Corning is facing European Union antitrust scrutiny after the blocâs watchdog said this week itâs investigating the speciality glass makerâs exclusive deals for its Gorilla Glass used in cellphones.
NEW CEO AT CVS BEGINS TO BUILD HIS TEAM WITH A GOAL OF REVIVING THE STRUGGLING HEALTH CARE GIANT
CVS Health fell short on third-quarter profit, but it posted strong sales and the health care giant shook up leadership under new CEO David Joyner after a rough year that has sent shares plunging.
NINTENDO REPORTS LOWER PROFITS AS DEMAND DROPS FOR ITS AGING SWITCH CONSOLE
Nintendo, the Japanese video game maker behind the Super Mario franchise, said Tuesday that its profit fell 60% in the first half of the fiscal year, as demand waned for its Switch console, now in its eighth year since going on sale.
AS THE DATA CENTER INDUSTRY BOOMS, AN ENGLISH VILLAGE BECOMES A BATTLEGROUND
Originally built to store crops from peasant farmers, the Tithe Barn on the edge of the English village of Abbots Langley was converted into homes that preserve its centuries of history.
THE BEST SMALL SUVS FOR CITY DRIVING
SUVs are popular in part due to their elevated ride height, commanding view of the road, and roomy interiors.
GOOGLE MAPS ADDS AI FEATURES TO HELP USERS EXPLORE AND NAVIGATE THE WORLD AROUND THEM
Google Maps is heading down a new road steered by artificial intelligence.
TESLA SHARES SOAR 14% AS TRUMP WIN SETS STAGE FOR ELON MUSK'S ELECTRIC VEHICLE COMPANY
Shares of Tesla soared following an election that will send Donald Trump back to the White House, an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race.
APPLE BREAKS OUT OF RECENT SALES SLUMP AS IT GEARS UP TO MAKE ITS LEAP INTO THE AI CRAZE
Apple snapped out of a recent iPhone sales slump during its summer quarter, an early sign that its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off.
