Consumer bright spots don’t make up for erosion in other areas
Consumers get a three-fold break in October as affordability conditions take a turn for the better.
October dawns much like October five years ago before Covid disrupted the market.
Average payment at two-year low while income needed to buy the least in three-plus years.
Toyota, trucks and SUVs dominate list of those with greatest chance of hitting 250K miles.
Affordability metrics improved in May as lending costs ebbed, finances flowed more freely.
Though days’ supply far exceeds a year earlier, it fell for the month.
Used sales, buoyed by EV shoppers, cut into supply while harsh winter put a damper on new-vehicle business, padding inventory.
Average for new and used vehicles decreased in the third quarter.
August supply improves to highest level in nearly 2 ½ years, Cox Automotive says.
