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New Car Prices Remain Elevated despite the Rise in Interest Rates and Fears of Overproduction
In June 2023, the average price of a new car rose to $46,265, 5.8% over Jun-22 and 8.5% above MSRP. The strong demand for new vehicles and inflation has driven manufacturers to increase average MSRP…
New Home Listings Declined 30.6% in June 2023
In June, new home listings declined 30.6% year over year to its lowest level on record excluding April 2020. Homeowners remain hesitant to sell as the majority would incur a significantly higher interest rate on…
American Credit Card Debt Surpasses $1 Trillion
According to the Federal Reserve Bank of New York, Americans’ credit card debt levels have surpassed $1 trillion, a new record high. During the second quarter of 2023, credit card debt grew $45 billion to…
Used Cars Continue to Age, Leading to an Increased Demand in Vehicle Servicing
S&P Mobility recently reported that the average U.S. vehicle age hit an all-time high as consumers have been buying more used vehicles due to supply chain constraints and rising new vehicle prices. As a result…
J.D. Power Study Finds Decline in 2023 New Vehicle Quality
J.D. Power’s 2023 U.S. Initial Quality StudySM (IQS) found that industry-wide “problems per 100 vehicles” rose by 12 to an average of 192 in 2023, up from 180 in 2022 and 162 in 2021. The…
