Here’s a look at why

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Consumers who want to spend their tax refunds on a car may be disappointed this spring: Prices are rising. Signals from the used-car market are flashing higher prices ahead, reversing a decline that started last fall. Manheim, which auctions used cars to dealers, reported a 4.3% increase in vehicle prices in February, the largest increase for that month since 2009. Another tracker of wholesale used-car prices, Black Book, said prices rose 0.46% for the week ended March 11, the largest single-week increase since November 2021.Because prices in the used-car wholesale market typically change about four to eight weeks before…
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45% of used-vehicle loan terms ‘frighteningly’ long at 84 months, up from 25% in 2021

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With high vehicle values ​​and high interest rates compromising affordability, buyers — particularly entry-level ones — have been forced to extend borrowing time frames, Ross said. “Consumers are looking to stay in a consistent monthly payment range to what they used to previously, so the only thing they have is to elongate that loan term,” he said. Ross, Karwel and Abraham saw little relief in sight for buyers as both new- and used-vehicle inventories remained tight. UPSIDE: MORE F&I SALES For dealers, however, the longer loan timelines are creating opportunities. Finance and insurance products, once pitched when selling new-vehicle sales,…
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Best 0% APR Car Deals: May 2023

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The best 0% financing deals on new cars, SUVs, and trucks in May involve no-interest auto loans for 72 months plus as much as $25,000 in financing incentives which can save you a significant amount of money. In many cases, 0% APR deals on cars can beat interest rates from banks and credit unions. While it may seem like rates are only going up, several car brands are still offering zero-interest loans on cars. Most of these incentives may require top-tier credit in order to qualify and can sometimes vary by region. Be sure to check with your dealership for…
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Cupra announced Raval as the name of small electric hatchback

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Also on Thursday, the Seat announced record operating profit for the first quarter of 2023, at 144 million euros, compared with five million euros in the first quarter of 2022. Revenue was 3.6 billion euros, 48 ​​percent higher than the first quarter of 2022. Cupra began as a trim line of Seat and became its own sub-brand under former CEO Luca de Meo, now CEO of Renault Group. Cupra is now Seat’s main growth driver, Seat said. Seat said Cupra sold 46,600 units during the first quarter of 2023, 83 percent more than in the same period in 2022. Seat…
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Regina automotive garage hopes a switch to 4-day week will help work-life balance

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A handful of mechanics in Regina now have a work week that is one day shorter than most. The automotive repair shop run, Kinetic Auto Service, asked its workers how it could improve their employment. Their response: a four-day work week. “I was actually really looking forward to having more time to spend with my family,” Kinetic technician Allie Punga told CBC. “I have a six-year-old and we have another one on the way, so any extra time not at work is a bonus.” Kinetic employees will work 10-hour days from Tuesday to Friday, then have a three-day weekend. Punga…
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Union momentum heats up in Canada’s auto parts sector

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LONDON—More than 150 auto parts workers at Sodecia Automotive hot stamping facilities in London, Ontario voted to join Unifor last month after a year-long union drive. “Auto parts workers understand that joining Unifor means driving higher standards of living for workers across the industry,” said Lana Payne, Unifor National President. “Momentum is growing across the sector to join our union as workers look to secure a better future for themselves, their families and their communities.” Workers at Sodecia Automotive manufacture a wide range of auto parts for major automakers including General Motors and Tesla. After successfully voting to join the…
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Why there may be no return to ‘normal’ for the used vehicle market

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Customers browse in a used car lot on February 15, 2023 in Glendale, California. Mario Tama | Getty ImagesAll new vehicles become used cars and trucks once they’re sold. It’s an obvious statement, but one that needs to be laid out to explain the root cause for ongoing inventory and pricing issues in the US used vehicle market, which has been a barometer for the country’s inflation levels.related investing newsDuring the onset of the coronavirus pandemic in early 2020, automakers shuttered factories for weeks to stop the spread of Covid-19. This was an unprecedented action that eventually…
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Hyundai Heads to Home Event at Weathertech Raceway Laguna Seca With Momentum – Autos Community

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Hyundai Motor America continues competing in the IMSA Michelin Pilot Challenge (IMPC) as the schedule shifts to WeatherTech Raceway Laguna Seca for the Motul Course De Monterey, powered by Hyundai N weekend – the home event for Hyundai Motor America. Making his debut at WeatherTech Raceway Laguna Seca, and IMPC is Jordan Wiseley. Wiseley is an actor and athlete who competed on MTV’s THE CHALLENGE television series and became one of the winningest competitors across seven seasons. The WeatherTech Raceway Laguna Seca 120 is set to see the green flag fly at 7:30 pm ET / 4:30 pm PT on…
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