State Chamber Update
Like most of you, I’ve owned a lot of cars over the years. From my very first (a used 1971 Chevrolet Monte Carlo), to the very practical minivan when the kids were, well, kids (a Dodge Grand Caravan). Scattered in between, I’ve owned two pickup trucks, a couple “too much fun” sports cars, and even my favorite ride today, a Triumph Thunderbird motorcycle. So it was with great interest I read a story on CNBC about trends in vehicle purchases and financing.
According to Edmunds, the “average transaction price for a new vehicle, what consumers actually paid dealers, in December hit an all-time high of $37,260.” Added, Melinda Zabritski, a senior director of automotive financial solutions for Experian, “that’s not surprising given that consumers are buying more pickups and SUVs, which carry a higher sticker price than sedans.” The company noted that the “average monthly payment for a new vehicle is now around $545, up $30 from a year earlier. That increase is driving up interest in used vehicles, which sell at a far lower price and typically carry a lower monthly payment. Experian says the average used vehicle loan in the fourth quarter topped $20,000 for the first time, with the average used car having a monthly payment of $387.”
Did you know...
Here is a short list of the first cars owned by some of our members:
- Scott Kammerer of SoDel Concepts: 1984 Chevrolet Blazer
- Congresswoman Lisa Blunt Rochester: Used Pontiac Sunbird
- Rob Rescigno of Wilmington University: 1967 Chevrolet Caprice
- Katie Wilkinson of Fulton Bank: 1971 Volkswagen Super Beatle
- Rob Book of the Delaware Electric Cooperative: 1981 Datsun 210
- Linda Parkowski of the Kent Economic Partnership: 1973 Mustang Mach 1
- Christine Sauers of Delaware BBB: 1988 Honda CRX
- Chad Moore of Beacon Hospitality: 1984 Mustang
- Chip Rossi of Bank of America: OLD Ford Falcon
- And, Gerald Esposito of Tidewater, retired: 1959 Buick LeSabre
News You Can Use
On Tuesday, new home sales data for December is announced, and on Wednesday, ADP employment figures for February are released. On Thursday, we’ll learn about weekly jobless claims for the week of March 2nd, and Friday will bring us statistics about February unemployment and January housing starts and building permits.
