Manufacturers have started the year with less aggressive financing offers, but consumers can find rates under 3%. Auto loan rates moved higher in 2023, but peaked in the fall and ended the year down from the peaks. But rates moved up again in January and have started February down slightly. The volume weighted average new auto loan interest rate has declined one basis point to 9.67% so far in February. Leaving it up 97 basis points year over year, the average new rate peaked at 9.95% in mid-October.
– The average used auto loan rate has declined 2 basis points to 14.113% so far in February. Leaving it up 38 basis points year-over-year. The average use rate peaked at 14.35% in mid-November.
– New vehicle inventory increased almost 3% in the latest week, rising to 2.62 million units. Used inventory was essentially flat in the latest week and inventory remains up 5% against 2023.
– Used retail prices continue declining, but wholesale is more or less treading water. Last year saw several periods of increases in wholesale prices.

Cox Automotive
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