Auto News for March 4 – Average Car Payment? Almost $500.

  A car that can put the world’s fastest, the Bugatti Vyron, in its rear view mirror. An interior with four diamonds. Not the restaurant rating, but real ones. Read all about it tomorrow, right here. Oh, that car is rather expensive, but you probably have already guessed that.

If you wonder what the future might be like, here is a line out of Automotive News. It said half of an auto makers r&d staff will be computer programmers and “customers will become mere passengers in self-driving vehicles.” If that occurs with restoration of older cars and trucks hit a new high?

April 28th will be a big day for VW. That is when it will report on annual earnings as shareholders meet. We might learn more about the costs, and the potential costs, of the diesel emissions scandal. And perhaps, how VW intends to cope with it.

Consumers financed an average $29,551 to purchase a new vehicle in the fourth quarter of 2015, and the average monthly payment rose to $493, up from $482 a year earlier, according to Experian’s Automotive Finance Market Report. Both set records. “People shop for vehicles largely based on monthly price, and right now, average dollar amounts for new vehicle loans are soaring,” said Melinda Zabritski, a senior director at Experian. Many consumers, to stay within budget, are turning to leasing and used vehicles as “cost effective alternatives to buying new,” the report said. The Q4 average lease payment was $412. The top five models leased were the Honda Civic and Accord, Toyota Camry and RAV4, and the Ford Escape. The Ford Fusion and Chevy Silverado had substantial gains in leasing. And the use of long term loans, those lasting 73 to 84 months, grew by 12 percent.

 

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