Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
US Cost-of-Living Crisis:
A decline in budget models has forced some buyers to turn to used cars or hold onto their older vehicles longer, with the average age of cars on the road now topping a dozen years, according to researcher S&P Global.
A rising number of Americans are trading in vehicles worth less than what they owe, the latest sign of stress in the automotive industry.
Just over 28% of trade-ins toward new-car purchases carried negative equity, the highest level since the first quarter of 2021, according to data released Wednesday by automotive research firm Edmunds.com. The amount owed on those so-called underwater loans was $6,905 in the latest quarter, a record high.

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