[Red State] Supply-chain issues and poorly stocked dealerships plagued US auto companies in 2022, leading to an eight percent decrease in domestic sales and the lowest number of purchases in more than a decade.
Skipping down:
Adding to Detroit’s woes: inflation and high interest rates. I don’t know about you, but I’m holding on to my six-year-old Ford Explorer till they pry it from my cold, dead hands. Not only has the rising cost of goods eaten into what little discretionary spending I had available, but the Fed’s repeated rate hikes have also left the average auto loan rate at 5.16 percent for new cars and 9.34 percent for used cars. |