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