Auto incentives are back — but high interest rates weaken deals for buyers

"Consumers can find good deals, but you have to go model by model," said Brian Moody, executive editor at Kelley Blue Book.

The average annual percentage rate for a new car loan was 7.1% in the first quarter of 2024, marking the fifth month in a row of rates more than 7%, according to Edmunds. If you're someone who buys a new car every three to four years, you might end up in a situation when you trade in that your vehicle and is worth less than you owe, she said.

"That's where you have to be cognizant," Caldwell said. "Longer loan terms will always look more attractive because they're more affordable, but that's really only part of the story."1. Search for available incentives: Seek out models that are not in high demand, as automakers and dealers "rarely incentivize popular" models, Moody said.

Source: News Formal (newsformal.com)

Personal Loans Interest Rates Autos Economic Events Donald Trump Personal Finance Investment Strategy Business News

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Green steel needs tiered incentives to become reality in AsiaGreen steel needs tiered incentives to become reality in Asia
Source: Investingcom - 🏆 450. / 53 Read more »

LA City Council OKs incentives for organic waste disposal at restaurants, multifamily buildingsThe $4 million program is intended to help standalone restaurants that are not part of a chain and multifamily dwellings in lower-income areas recycle their food waste.
Source: ladailynews - 🏆 332. / 59 Read more »

DeFi lending protocol Nexo allocates $12M for ecosystem incentivesNexo currently has a TVL of $538 million.
Source: Cointelegraph - 🏆 562. / 51 Read more »

2021 Toyota 4Runner SUV: Latest Prices, Reviews, Specs, Photos and IncentivesGet in-depth info on the 2021 Toyota 4Runner model year including prices, specs, reviews, pictures, safety and reliability ratings.
Source: therealautoblog - 🏆 528. / 51 Read more »

2015 Mercedes-Benz C-Class : Latest Prices, Reviews, Specs, Photos and IncentivesGet in-depth info on the 2015 Mercedes-Benz C-Class model year including prices, specs, reviews, pictures, safety and reliability ratings.
Source: therealautoblog - 🏆 528. / 51 Read more »

Rivian receives $827 million in incentives to expand Illinois facility, shares jumpRivian Automotive said on Thursday it has received $827 million in an incentive package from the State of Illinois to expand operations in Normal.
Source: therealautoblog - 🏆 528. / 51 Read more »