After a strong January, certified pre-owned (CPO) sales in February rose another 1.9% month over month to finish at 205,946, up nearly 3,900 units. This total is up 7.3%, or over 14,000 units, compared to last February.
Borrowers with low credit scores are falling behind on their car loan payments as inflation eats away at consumer spending power. A report from Cox Automotive found 1.89% of auto loans in January were "severely delinquent" and at least 60 days behind payment, the highest rate since 2006.
Millions of Americans are driving cars that have recalls, a staggering thought considering safety is at play. However, many drivers do not fully understand how the recall process works, or mistakenly believe that bringing in a vehicle for recall repair means they will have to come out of pocket for the expenses.
Considering the resale value of any new car, truck, or SUV before signing on the dotted line is a good idea. These SUVs with the best resale value for 2023 topped the Kelley Blue Book’s list and have plenty to offer. The sport utility vehicles below from brands like Ford, Subaru, and Toyota can help save money in the long run by holding onto value over the first few years of ownership.
Chris Martin knew he needed a bigger car as the birth of his fourth child approached, but he and his wife were already $14,000 underwater on their two vehicles.
As it turns out, the reports of the manual transmission’s death are greatly exaggerated. In just two years, the take-rate on stick-shift cars has nearly doubled. A new report from The Wall Street Journal using data from J.D. Power sheds light on just how many people are choosing to row their own gearsin a new car.
Federal Reserve Bank of San Francisco President Mary Daly said policymakers will likely need to raise interest rates higher and maintain them at elevated levels for a longer period of time.
Can “Mom & Pop” dealerships survive in the current era of auto retail consolidation, or has every local market reached the point of “grow, or die?”
There is only one week remaining of the 2023 Utah Legislative Session. Committee meetings end on Tuesday and the floor time for the House and Senate will go later into the evening, with it all ending on next Friday at midnight. Although the session is only forty-five days, the Utah Legislature is able to accomplish a lot. There have already been over 800 bills filed for the session with the anticipation of 500 of those bills being heard and passed. The legislature also made public the near $28 billion dollar budget for the state. It includes nearly $1 billion in ongoing and one-time money for education, more than $400 million for water conservation, with a big focus on the Great Salt Lake, a tax cut package of $400 million, and over $200 million for affordable housing and homelessness in Utah.
Read MoreThe data is coming in, and it's not looking pleasant.
New data indicates that used car prices in the US will soon increase again, following a steady decline for most of last year.
The U.S. consumer watchdog on Thursday fined TitleMax $10 million, saying the Georgia-based title lender illegally made thousands of auto loans to military borrowers over a five-year period, often charging interest rates well above legal limits.
The average price of a used car dropped by $633 in the past month, but some industry experts say the recent stretch of declining prices could be coming to an end.
You may have heard encouraging words about buying Certified Pre-Owned (CPO) trucks, but before you run to your certified used truck dealer to request their finest CPO truck, you should become more familiar with some of the programs offered by truck manufacturers. The term “Certified Pre-Owned” specifically indicates cars, trucks, SUVs, and vans that are part of a manufacturer’s CPO program.
The latest Cox Automotive analysis of Xtime metrics shows that service activity decreased and service revenue increased month over month at U.S. franchised dealerships in January. The Repair Order Revenue Index and the Repair Order Volume Index were both up compared to January 2022.
Tesla has recalled every vehicle equipped with its famous “Full Self-Driving Capability” software after government safety regulators warned that it’s unsafe to use. The recall, however, is not straightforward and not the end of Full Self-Driving Capability. The controversial software remains the target of a series of government investigations, and post-recall, the company will still sell it, and drivers will still use it.
The 2% inflation target is key to the Federal Reserve’s vision for stable prices in the U.S. economy, according to the Federal Reserve Bank of St. Louis.
Congress is just a couple months into their new legislative session. There are new congressman, new members in committees, and a change in power in the House of Representatives. For those that follow our state legislation, you will notice that Utah legislation moves quickly, due to only a 45 day session. Legislation on a federal scale will not be like legislation in Utah or any other state. Legislation in D.C. moves very slow, with very few bills making it through the entire process. Here is a quick overview of the current federal legislative bills that you should be aware. These bills were just introduced with most of them not having current text. We will provide additional updates each month on this federal legislation.
Read MoreLast June, a lawsuit was filed by a handful of 2021 Ford Expedition and Lincoln Navigator owners after those vehicles were recalled for underhood fires, and later amended after those owners found Ford’s fix for that issue to be inadequate.
Buying a used car doesn’t have to be a game of roulette; instead, potential owners can opt for models with a reputation for reliability and value. A used Toyota Camry is one of the most dependable options available, and it has the potential to sail past some competitors in its long-lasting lifespan. In fact, the Camry could outlast four famously reliable used cars, including the Honda Fit, Civic, and Lexus ES 350.
Year-over-year inflation declined in January but at a slower pace. Inflation remains elevated and much higher than the Federal Reserve’s target. Inflation impacting lower-income households remains extremely high.
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