Even Used Cars Are Unaffordable
View Source | September 30, 2022 8:53 pm
- Car shoppers are finding that even used cars are unaffordable as prices and interest rates soar.
- That’s reflected in the latest financial results from CarMax, the nation’s largest used-car dealer. It reported that earnings plunged 54 percent and the number of cars sold in the quarter fell 6.4 percent.
- CarMax blamed “vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates and low consumer confidence.”
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