car

Car & Automotive

Monthly car payments near $600 as SUV and truck sales surge: Experian

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

The average monthly car loan payments are on the rise, surging upwards of $600, as an increasing number of consumers switch back to financing new vehicles, according to Experian’s latest auto financing report.

CLICK HERE TO READ MORE ON FOX BUSINESS

During the last three months of the 2020 fiscal year, consumers borrowed almost $2,000 more for new vehicles, spending on average $35,228, according to Experian’s State of the Automotive Finance Market report.

This pushed their monthly bill from about $13 to upwards of $576 during that period, according to Experian.

“The events of 2020 disrupted the automotive industry and we’ve seen some consumers shift away from patterns that have been cemented over previous quarters such as opting for used vehicles,” Experian senior director of automotive financial solutions Melinda Zabritski, said.

This change can be attributed

Car & Automotive

Car seat foam shortage threatens to derail auto production, report says

By Michael J. Moody 1 day ago

2021 Chevrolet Trailblazer — You have to have seats to build a full car.

Chevrolet

Automakers continue to suffer through a semiconductor shortage, but there may be another issue brewing in the background: foam. Specifically, the foam that goes into millions of car seats we sit on every day when going for a drive. According to a report from Automotive News on Thursday, suppliers are “scrambling” to restart production following the devastating Texas winter storms last month.

The storms knocked power offline for millions of residents and produced water shortages statewide, and the state’s petrochemical plants didn’t go unscathed. Two sources spoke with the publication saying things are fine for now, but the problem may become serious in the coming weeks. One source cautioned this is a “threat” and not a “given,” depending on how the sector ramps up production again. But the semiconductor shortage has left automakers in a tough spot

Car & Automotive

Car industry downgrades outlook after worst February in six decades

By Michael J. Moody 2 days ago

The automotive industry has downgraded its expectations for the year following the worst February for car sales since 1959.

Just 1.83 million new cars will be registered in the UK in 2021, according to the latest prediction from the Society of Motor Manufacturers and Traders (SMMT).

In January it had forecast a figure of 1.89 million.

The change comes after demand for new cars fell by 36% last month compared with February 2020.

Only 51,000 new cars were registered as showrooms remained shut.

February is generally a slow month for car sales due to many motorists waiting for new number plates to be released in March.

If the prediction of 1.89 million new cars being registered this year proves accurate, it would represent a 16% rise from 2020 but an 18% decline compared with 2019.

SMMT chief executive Mike Hawes said: “February is traditionally a small month for car registrations

Car & Automotive

New car sales sink to lowest level since 1959

By Michael J. Moody 2 days ago

Sales of new cars plunged to levels not seen since 1959 in February as coronavirus lockdowns continued to ravage Britain’s automotive industry.

Just 51,312 new cars were registered last month according to data from the Society of Motor Manufacturers and Traders (SMMT) – a 35.5pc decline that equated to 28,282 fewer cars than in February last year.

February is traditionally a quiet month for the car industry as it comes ahead of the new registration plate in March.

Motorists keen to have the latest car on their drives mean March is normally the busiest time for dealers, accounting for a fifth of all new vehicle sales each year.

However, with January lockdowns forcing showrooms to shut and dealers going online to make sales, demand has collapsed.

According to the SMMT, closures and weaker consumer confidence related to the pandemic have cost the industry £23bn in lost