Americans’ view of present business conditions, the labor market and family finances, though, are still in the dumps, and if they plan to buy cars, many target used units.
Survey finds increased concern about tariff effects on finances, potential of a recession.
Cox’s Auto Market Weekly Summary for January 13 shared both positives and negatives.
In the J.D. Power 2020 Manufacturer Website Evaluation StudySM—Winter, Land Rover and Mitubishi ranked highest in respective segments.
Despite manufacturers’ best efforts, J.D. Power analysts described U.S. car buyers’ attitudes toward autonomous and electric vehicles as ‘not encouraging’ upon the release of the first-ever Mobility Confidence Index Study.
The Federal Reserve on Wednesday raised interest rates for the third time this year and signaled it will raise the cost of borrowing again in December. Industry economists said it will not get better for consumers or the industry from here.
Despite the expected volume decline, the firm put September’s seasonally adjusted annual sales rate at a healthy 17.1 million, down from last September’s 18.1 million SAAR. The company said higher interest rates and talks of tariffs may be having some pull-ahead impact in the market.
A new study from Cox Automotive shows that consumers now have a deeper understanding of the complexities involved when creating a self-driving car, which is causing them to reconsider their comfort level when it comes to handing over control.
Conducted by The Associated Press-NORC Center of Public Affairs, the poll found that 75% of households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill.
Consumer confidence is expected to continue to rise, resulting in potential shift to larger vehicles in the U.S. and Canada, thanks to low oil prices.
