mid-month Manheim Market Insights <\/a>update, the average monthly payment was approximately $525 in mid-October.<\/p>\n\n\n\n\u201cThe rise in monthly payments is pretty staggering, and it\u2019s across all credit tiers. Those price increases are felt differently depending on a consumer\u2019s level of income,\u201d said Jeremy Robb, senior director of economic and industry insights at Cox Automotive.<\/p>\n\n\n\n
For subprime borrowers, payments are around $550.<\/p>\n\n\n\n
\u201cSubprime monthly rates have risen by about 3 percent in the past year, and they\u2019re 35 percent higher than pre-pandemic levels.\u201d Robb said.<\/p>\n\n\n\n
Even super-prime borrowers are paying 33 percent more than pre-pandemic, with payments more than $500. That is almost $100 more than March 2021.<\/p>\n\n\n\n
\u201cThe average monthly payment for consumers continue to creep up as interest rates impact affordability,\u201d Robb said.<\/p>\n\n\n\n
Manheim noted that wholesale values were down 1.6 percent from September and were down 3.3 percent from October 2022.<\/p>\n\n\n\n
Wholesale auction rates were at 53.6 percent.<\/p>\n\n\n\n
\u201cIt remains at a decent level for the time of year,\u201d Robb said.<\/p>\n\n\n\n
The used retail inventory is 8 percent lower than last year.<\/p>\n","protected":false},"excerpt":{"rendered":"Monthly used vehicle loan payments continue to increase due to higher interest rates. According to the mid-month Manheim…\n","protected":false},"author":1,"featured_media":3897,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[28,3],"tags":[],"class_list":{"0":"post-4338","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-independent","8":"category-industry","9":"cs-entry","10":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=4338"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3897"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=4338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=4338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=4338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}