via CNBC:
During the pandemic, shoppers splurged on higher-end new cars. Now, given the current high car costs and interest rates, drivers are shifting their focus to less expensive models. Finding one, however, might not be easy.
More shoppers are opting for vehicles that fall in the $45,000-$50,000 range, the price point of mid-to-high-trim three-row SUVs, said Joseph Yoon, an Edmunds consumer insights analyst.
That shift shows in so-called “days to turn” numbers, which measure how long cars are in dealer inventory before being sold. Vehicles selling for under $50,000 currently linger for just 26 days on the lot, on average, compared to 40 days for those with a higher sticker price, according to Edmunds data.
Speaking of affordability…
Percentage of car payments above $1,000 in 2023:
29% higher than 2022
127% higher than 2021(via @FullpathCDXP)
— CarDealershipGuy (@GuyDealership) September 12, 2023