Auto Industry

The average cost of a used vehicle dipped 5.5% nationally between Q3 2022 and Q3 2023, according to Edmunds data.

Auto loan borrowers with credit scores between 501 and 600, known as “subprime” consumers by auto-finance insights companies, are being squeezed the most by record-high monthly payments and heightened competition in the used-car market.

The auto industry was devastated this spring by coronavirus shutdowns. But the recovery has been much faster and stronger than anyone anticipated as demand for new trucks and SUVs continues.