ALG says new vehicle prices averaged $32,900 in June 2017, up 2 percent from last year and a record high for the month of June.
Yet month after month, for six consecutive months to begin 2017, automakers are witnessing fewer and fewer buyers walking into dealers after sales shot to record levels in calendar year 2016.
Incentives, at $3,550 per car, are an effective lure. But that doesn’t change the fact that buyers are paying, on average, $33,000 and borrowing, according to Edmunds, $31,000 in order to finance a purchase.
How do car buyers afford the highest prices on record? By stretching the payment period to the longest terms ever: 69.3 months in June, Edmunds says. (Read More…)
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