Record Car Payments and Affordability Squeeze Buyers While Some Brands Boom
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A record 17.9% of new car payments were $1,000 or more in Q4 2022, up from 15.7% a year earlier, as interest rates and car prices climb.
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Kia and Hyundai set new annual sales records in 2022, with their most affordable models seeing the biggest gains.
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Inventory of affordable vehicles is slowly improving, and 0% APR loans are available for longer terms, providing some relief.
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Hyundai's Tucson crossover led the brand's sales growth, selling over 209,000 units in 2022.
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Chinese EV startup HiPhi, known for its radical design, is rumored to be in trouble at home after initial signs of sales success.