Competition from millions of leased cars returning to the market, climbing new-car prices and slowing consumer demand have resulted in dealerships eager to unload inventory.
The average monthly payment is $562, compared with $476 five years ago.
Consumers looking for a new car might find themselves in the driver's seat when negotiating during the industry's annual July 4th sales push. And, consumers are stretching out the length of auto loans to afford new-car purchases: As of June, the average loan length was closing in on 70 months — two months shy of six years.
At the same time, however, consumers have shifted their preference to pricier SUVs and pickup trucks and away from lower-cost sedans and smaller cars. Improved technology and safety features add to the price, as well.
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