Car prices went bananas after COVID hit — propelled by inventory shortages from disrupted supply chains & the unprecedented stimulus sent to businesses & households.
Now here in 2022, the boom may be ending. Used car prices which nearly doubled post-COVID, have fallen for much of this year — though still remain much higher than their pre-pandemic lows.
Also, lax lending standards in extending auto loans during the recent boom are coming back to bite lenders — the percentage of loans that are at least 60 days delinquent hit 1.65% in the third quarter, the highest rate for 60-day delinquenciesin more than a decade.
Where is the auto market headed from here?
Will patient buyers be rewarded with better values in 2023?
To find out, we’re fortunate to welcome Charlie Chesbrough, chief economist of Cox Automotive to the program.