Car Market DEBT CRISIS Reaching Dangerous Levels

CAR Market DEBT CRISIS Reaching Dangerous Levels

A convergence of factors has led to a unique crisis in the auto industry. With a complex interplay of skyrocketing car prices, mounting consumer debt, and a worrying slump in auto sales, it's a perfect storm that threatens the stability of the sector and the wider economy."

To give you a sense of the scale of the issue, the average cost of a new car reached a staggering $48,000 in March 2023. That's right, buying a new car today might cost you almost as much as a down payment on a house."

Meanwhile, auto loan debt in America has been piling up, with more and more people struggling to pay it off. It's gotten to the point where Americans are even taking on additional debt just to cover car repairs. Now, add to this the consistent slump in auto sales that we've been seeing recently, and you have a clear picture of an industry in crisis. But what's causing this situation? How are these factors interlinked? And what could this mean for the future of the auto industry?"