By Tim Parker
With prices starting around $250,000, has seen a 42% jump in sales to nearly 300 vehicles.
Source: TTR
http://www.thetradingreport.com/2017/04 ... es-are-up/
With prices starting around $250,000, has seen a 42% jump in sales to nearly 300 vehicles.
The average auto loan today is for 65 months (five years), and 20% of all auto loans are now for durations between 73 and 84 months.
Likewise, the average amount of these loans (more than $26,000) is the largest ever recorded.
And finally, the percentage of subprime borrowers is now at a record high – 27% of all car borrowers. That’s almost double the amount of subprime borrowers that were in the car market back in 2009.
Americans currently owe more than $800 billion against their cars and trucks – 34% of this debt is owed by subprime credits. Another 10% is owed by “deep subprime” – folks with credit scores below 550…
Today’s flood of used cars is being driven by the 3.5 million 2014 vehicles coming “off lease” this year. But there are another 4 million 2015 vehicles coming to the market next year… and a record 4.5 million 2016 models coming in 2019.
Even more remarkable was the projected number of cars completely ruined by the floodwaters. Again, in just the Houston area, which is heavily auto-dependent, the total could be over 1 million vehicles.
Return to Business Sectors & Industries
Users browsing this forum: No registered users and 7 guests