New-Vehicle Affordability Improves for 2nd Straight Month: Report

New-Vehicle Affordability Improves for 2nd Straight Month: Report

New-vehicle affordability improved for the second consecutive month in July as car prices and loan interest rates dipped, automotive services company Cox Automotive said in an Aug. 15 statement. The number of median weeks of income required to buy an average new vehicle fell from 37 in June to 36.8 in July. The typical monthly payment was $748 last month, down by 0.4 percent from June and the lowest since March. The average monthly payment peake…

July sees boost in new-vehicle affordability and incentives

On the Dash: New-vehicle affordability improved in July, aided by higher incomes, lower prices, and stronger incentives. Average monthly payments fell to $748, with median weeks of income needed dropping to 36.8. Incentives and income growth are making new vehicles more attainable despite elevated interest rates. New-vehicle affordability improved for the second consecutive month in July, reaching its best level since March, according to the Co…