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Purchases of new and used vehicles were down in December despite several positive market turns for consumers, whose optimism didn’t match their big-ticket spending.
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Survey finds increased concern about finances, jobs and inflation, reduced plans to buy big-ticket items
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Cox’s Auto Market Weekly Summary for January 13 shared both positives and negatives.
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Despite manufacturers’ best efforts, J.D. Power analysts described U.S. car buyers’ attitudes toward autonomous and electric vehicles as ‘not encouraging’ upon the release of the first-ever Mobility Confidence Index Study.
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The Federal Reserve on Wednesday raised interest rates for the third time this year and signaled it will raise the cost of borrowing again in December. Industry economists said it will not get better for consumers or the industry from here.
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Despite the expected volume decline, the firm put September’s seasonally adjusted annual sales rate at a healthy 17.1 million, down from last September’s 18.1 million SAAR. The company said higher interest rates and talks of tariffs may be having some pull-ahead impact in the market.
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A new study from Cox Automotive shows that consumers now have a deeper understanding of the complexities involved when creating a self-driving car, which is causing them to reconsider their comfort level when it comes to handing over control.
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Conducted by The Associated Press-NORC Center of Public Affairs, the poll found that 75% of households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill.
Read More →The Conference Board's Consumer Confidence Index increased in February, revealing that consumers are less pessimistic about current business and labor market conditions than they were in January.
Read More →The Conference Board announced that the Consumer Confidence Index, which had increased in December, retreated in January. The Index now stands at 61.1, down from 64.8 in December.
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