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According to Edmunds, car shoppers got to take advantage of generous incentives offered by automakers, but analysts caution that these deals will dry up during the summer.
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Experts say consumers upside down on their car loans could take advantage of generous automaker incentives during the coronavirus pandemic to get a better interest rate and save thousands of dollars.
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Analysts say April will be the worst auto sales month in at least 30 years due to the coronavirus pandemic.
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Although used vehicle prices have risen steadily in recent years due to a deluge of off-lease, option-rich SUVs, and trucks hitting used lots, experts say this trend is set to hit a turning point, according to new research from Edmunds.
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Edmunds’ revamped Industry Center page compiles digital product offerings, additional resources to support shoppers and dealers while shelter-in-place orders limit in-store interaction and sales.
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Analysts forecast a SAAR of 11.9 million in March due to market disruptions caused by the COVID-19 crisis.
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Truck wars heat up as more options become available and amenities draw in a rapidly expanding base of shoppers.
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Although the average interest rate on a new-vehicle loan is expected to drop year over year, analysts say rates will hit 3-month high as automakers curtail promotional deals, 0% finance offers.
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Edmunds’ latest Used Car Report finds high off-lease volumes have suppressed prices and widened the gap between new and 3-year-old models to an average of $14,951.
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Edmunds analysts say Black Friday promotions helped suppress new auto loan interest rates last month, registering a year-to-date low of 5.5% and an 8.3% year-over-year decline.
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