Increasing financial strain on car owners is evident as the share of those with negative equity reached 24% in 2024, significantly up from 18.5% in 2023. This issue stems from record-high car prices following pandemic-induced inventory shortages. The average owner now owes $6,458 more on their loans than their vehicles are worth. While some car dealers maintained fair pricing amidst the confusion, many now face retaliatory market conditions as affordability issues become a pressing concern, complicating vehicle demand for budget-conscious consumers.
The worrying rise of 'negative equity' among car owners indicates a deeper affordability crisis; many owe more on loans than their vehicles are worth.
The pandemic-led inventory crunch driven by production stoppages has resulted in significant price hikes, pushing car owners into deeper financial troubles.
Collection
[
|
...
]