How the Federal Reserve’s rate hike could impact your next car purchase
DENVER — Coloradans are already feeling the squeeze of higher prices at the gas pumps and grocery stores. Now, the car industry could be impacted, making it more expensive for people to buy a car.
Last week, the Federal Reserve raised its benchmark interest rate a quarter-point with the goal of pulling on the reins of inflation.“We've heard anywhere from $1 to $3 a month, that really depends on the price of the car,” said Jackson. “It is going to take a while for any interest rate increase to really level out the other problem so they may meet in the middle,” said Jackson.
General manager of Michael Auto Sales, Brook Senbeta, says the true impact of the rate increase will be on people strapped for cash who don’t have enough for a down payment to lessen the overall cost of the loan.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Larry Summers warns inflation outlook is ‘pretty grim,' urges Fed to move faster on rate hikesInflation is the worst it has been in four decades, with the price of everyday necessities like food, gasoline and cars surging in recent months.
Read more »
EUR/USD Price Outlook: Risks Mount to the DownsideOn Monday Jerome Powell stated that the Fed will go for more aggressive rate hikes if needed, to curb inflation. Get your market update from RichardSnowFX here:
Read more »
Fed's Mester says 'markets can handle' front-loading of rate hikes and balance sheet reduction at same timeCleveland Fed President Loretta Mester said Wednesday that the markets can handle front-loading of rate hikes and the start of balance sheet reduction.
Read more »
Rate hikes, high prices leave first-time homebuyers ‘frustrated’Interest rate hikes and pricey properties present unprecedented challenges for first-time homebuyers.
Read more »
Powell says Fed will hike interest rate further and faster if necessaryChair Jerome Powell said Monday that the Federal Reserve would raise its benchmark short-term interest high enough to slow rampaging inflation.
Read more »
Fed to hikes rates by 2% into the year-end 2021 – Goldman SachsFollowing the aggressive tightening outlook delivered by Fed Chair Jerome Powell on Monday, Goldman Sachs outlined a new Fed projection report, revivi
Read more »