Auto Industry Grapples with New Challenges in Vehicle Affordability
A CONFLUENCE OF NEW CHALLENGES IN THE AUTOMOTIVE INDUSTRY MEANS CAR SHOPPERS ARE STILL FACING VEHICLE AFFORDABILITY ISSUES 鈥� it鈥檚 just for a new set of reasons today. Vehicle affordability has been a burning issue highlighted in an article back in May.
While high interest rates, inflation and vehicle supplies have kept vehicle prices high, today鈥檚 car shoppers are grappling with new challenges, such as the reinstatement of student loan payments and the potential effects the ongoing automotive worker strike may have on prices. Let鈥檚 take a closer look at these two new challenges:
Student Loans: Student loans account for a 1.5 trillion dollar share of nearly $17 trillion of total outstanding debt. Given the recent student loan ruling, this looming debt will squeeze many drivers鈥� wallets further. This could add an additional $150 or $250 worth of student loan payments which will make a significant difference in a car shopper鈥檚 budget, or an existing driver鈥檚 ability to keep making car payments.
Union Strike: The unresolved auto workers strike could strain the supply of popular domestic vehicles and quickly drive up car and truck prices. A month-long strike could cause shortages of some vehicle models, according to Rob Handfield, Bank of America University professor of supply chain management at North Carolina State University.
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