[ember1205]

There has obviously been much ado about the Fed, interest rate hikes, and what it has done to the housing market and mortgage rates. But, has anyone taken a look at interest rates for buying a car? Are these people out of their MINDS? Who is going to buy a brand new $60k+ vehicle and finance it at a rate of 9% and up?!?!

GM has an offer for 2023 Silverado's, but that's obviously because of the limited inventory and their attempts to push the trucks off of the lots as the 2024 models are arriving.

Called a dealer today to inquire about a truck that was showing In Transit. It literally was delivered to their lot two hours before I called. I had gotten a trade-in mailer offering an incentive above KBB for my current truck and was considering it since my truck needs tires right now. I told the person very directly that there's just no way I will pay those interest rates and it will completely kill the deal before it even gets started.

Looks like I'll be shopping for a good deal on tires...

[GearheadSS]

Yes, interest rates are crazy right now. Thanks a lot Joe Biden!

[Wyzz Kydd]

Wow, I bought my wife a Telluride back in late May and got 5.3. I'm surprised it's gone up that much that quickly. Guess I should pay more attention.

[AZIROC]

Sadly, if 9% is today's rates...then thats it. It's not like the banks can go "oh your right...here's 3% like they were 2 years ago"

[Wyzz Kydd]

I suspect that in our current environment the spread between subprime lending rates and prime/superprime lending rates is probably pretty big. It might help to find out what your credit score is and if it isn't at least 650+ see if you have anything on your report that you can clean up.

[Chutzpah]

Prices AND interest rates… this may well go down in history as the worst time to purchase a home or car.

[armycop71]

I bought my Camaro in February 2022 and the GM Financial rate was 1.9% for 72 months. When I bought my Equinox in December 2022, it had gone up to 4.99% for 72 months. With an over 800 credit score.

[ember1205]

I just looked through the local inventory of GMC and Chevy trucks that have offers on them (2023 models) and it's basically "there are none." None that interest me, anyhow. The good news is that the car companies are likely going to start feeling this crunch pretty badly if they haven't already and the massive discounts of old may have a shot at making a comeback.

Sorry... not willing to trade my fully paid-off truck in against a $60k new one, financing even $25k at 9%. Never gonna happen. And I'm not tearing into the savings for a purchase like that just to buy it outright.

For me, we have officially reached a point of "something has to give."

[CHASLT1]

Wait and see how much car Ins is gonna go up. Went up 50% in FL.

[tarmelter]

This is not a surprise. Prime Rate is 8.5% right now. Anyone getting a lower rate quoted to them recently is being fed subsidized rates from an OEM, an OEM owned captive or an independent lender who's receiving blind discounts off the invoice price. It's all a game. The rates are what they are. Everyone pays more when rates are high. When they are low our dollars stretch further. They will go back down eventually. I for one hope sooner than later. Also EVERYONE should vote (those of us that are alive at least). Seems most of you are Republican. I'm very proud to say I AM TOO.

[nikerret]

Originally Posted by Chutzpah

Prices AND interest rates… this may well go down in history as the worst time to purchase a home or car.

Oh, good. Everything is on track, then. I’m buying a Camaro when it gets to the dealer…..

[nikerret]

I’ve been hearing some people getting high 6’s, low 7’s, but it is what it is. My checking account is also paying over 5%, so that does help even things out.

[Mike818]

It's not a good time to borrow money.

[MT-SS1LE]

I thought the 6% I got back in June was outrageous. I don’t care how many times the Democrats indict Trump with BS charges, he has my vote. The economy was 10X better than under the embarrassment we have now. And you ain't seen nothing yet if he is re-elected.