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Higher interest rates mean only wealthy Americans can afford a new car

Por: MarketWatch Business November 07, 2022

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The Fed has moved the rate by a total increase of 375 basis points this year — a rate of change not seen since 1981. Further increases may be coming, but the Fed and further apart. ““With rates expected to go even higher and stay there for at least the duration of 2023, the auto market will become more dependent on cash-rich, higher-income, and higher credit-tier consumers.”” — Jonathan Smoke, chief economist, Cox Automotive The Fed... + full article



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