Americans increasingly upside down on auto loans as used car values fall [FOX Business Network]
AutoNation, Inc. (AN)
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Source: FOX Business Network
Used car prices are starting to edge down after soaring for years after the pandemic hit, and while the trend is a much-welcomed relief for buyers, it is also causing trouble for some consumers who purchased their vehicles at higher prices. Edmunds' latest used vehicle report found a growing number of Americans are upside down on their auto loans as used prices decline, and the average amount consumers are underwater is at an all-time high. The report found the average transaction price (ATP) for all used vehicles declined to $28,371 in the fourth quarter of 2023, a 4.4% decrease from the same quarter the year before, when the ATP sat at $29,690. At the same time, the percentage of new vehicle sales that had a trade-in with negative equity jumped to 20.4%, up from 17.7% in 2022 and 14.9% in 2021. Now, the average amount consumers owe on upside down loans is at a record high of $6,064, up from $5,347 in fourth-quarter 2023 and $4,143 in 2021, the data found. "A storm is brew
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