Experian Automotive Talks Average Car Payments, Interest Rates And More On 'Auto Trends' Mother's Day Weekend

 

For those in the market for a new or preowned vehicle, tune in to Auto Trends with JeffCars.com Mother's Day weekend. Melinda Zabritski, Experian Automotive's senior director, joins us to talk about the impact the Federal Reserve raising interest rates multiple times over the past year, as well as the average transaction of a new and preowned vehicle topping out near $50,000 and $33,000, respectively, has had on consumers when they finance or lease. Experian Automotive is a division of Experian credit.

'Auto Trends' Talks To Bloomberg Intelligence Auto Analyst Kevin Tynan (Two-Part Show)

Show 1 with Bloomberg Intelligence will air Saturday, April 23 thru Thursday, April 28

Show 2 with Bloomberg Intelligence will air Saturday, April 30 thru Thursday, May 5

To tune in via Sirius and our FM radio affiliates, click here.

 

Car Loans Becoming Less Affordable

According to Comerica's Bank Auto Affordability Index released today, it took an average of 22.8 weeks to purchase a new car in the last quarter of 2008, up .5 weeks from the third quarter and down 1.3 weeks in compared to the last quarter of 2007.

Added to the time to pay off a vehicle are the rising interest rates on car loans, too. The total cost to buy an average light vehicle was $27,700, up $600 from the third quarter of 2008. This has also occurred while the medium family income has slid south.