New York CNN —US new car sales soared in the third quarter, despite the combination of a strike at General Motors, Ford and Stellantis, high prices and rising interest rates.
“New-vehicle sales have remained somewhat consistent as pent-up demand keeps sales afloat despite economic challenges,” said Jessica Caldwell, Edmunds’ head of insights.
“However, the landscape can change dramatically, and quickly, if the strike continues.”Rising ratesAnother factor that could slow sales at all automakers is rising interest rates, which is raising the average car payment to record levels.
It’s the highest average interest rates for both types of loans since the start of the Great Recession and financial crisis of 2007.
“Spiked interest rates remain the biggest impediment to affordability in both the new and used car markets today,” said Caldwell.
Persons:
that’s, ”, Ivan Drury, Edmunds, “, ” Ford, Jessica Caldwell, Ford Bronco, Caldwell
Organizations:
New, New York CNN, General Motors, Ford, GM, Jeep, Dodge, Chrysler, Edmunds ., Toyota, Lexus, United Auto Workers, UAW, Ford Explorer, Lincoln Aviator, Traverse, Buick Enclave, Federal Reserve
Locations:
New York, Edmunds, Ford Chicago