Elon Musk sounds the alarm about an impending car crisis

The auto sector has been one of the victims of the Federal Reserve’s aggressive rate hikes to quell inflation, which is at its highest level in 40 years.

According to experts, this monetary policy has increased the cost of credit, and more specifically the cost of car loans. Rising interest rates will cause consumers to reevaluate their decisions before quickly taking out a car loan, experts at Edmunds.com recently warned.

Interest rates on new and used vehicles are skyrocketing.

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