Elevated Auto Loan Rates Hinder New- and Used-Car Shoppers in Q1 2024, According to Edmunds
New data from Edmunds reveals:
- New data from Edmunds reveals:
Interest rates remained elevated in Q1. - Meanwhile, used-vehicle monthly payments dipped to $546, down from $561 in Q4 2023 and $551 in Q1 2023.
- The average amount of negative equity on those trade-ins reached an all-time high of $6,167 in Q1 2024.
- They also suggest keeping a close eye on automaker and dealer finance incentives , especially certified pre-owned incentives since used vehicle interest rates are particularly high.