Too Many Payments, Too Little Income
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In the fourth quarter of 2023, 7.7% of US auto loans transitioned to delinquency on an annualized basis (New York Fed data)—the highest rate in 13 years.
The total annual cost of owning a new car, including expenses such as gas and insurance, climbed to $12,182 in 2023, up from $10,728 in 2022 (latest estimates from AAA). See The Cost of Car Ownership is Getting Painful.
At the same time, the second-largest global economy is stumbling under similar trends. The segment below starts with a focus on mounting stress for Chinese auto owners and broadens to larger themes: “…consumption is weak, and people have no money.”
Here is a direct video link.
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