Aaa car finance rates inching up to 6

AAA car finance rates inching up to 6.93% reinforce cautious growth projections for companies in the auto retail supply chain. Earnings momentum in these stocks may slow, consistent with lending market tightness. They are, and it's not just because of rising sticker prices. Owning a car today means paying $12,297 a year (or $1,024.71 a month) on average now, according to a 2024 AAA study, up from $10,728 as recently as 2022. Gas prices saw a dramatic climb in the first half of 2022, raising the cost of vehicle ownership, since the Your Driving Costs evaluation was completed. For this year's study, fuel costs were projected based on a weighted average of the first five months of 2022. During that time, fuel prices averaged 17.99 cents per mile or $3.999 per gallon. Analysts tracking AAA car finance rates observe strong sensitivity in small-cap stocks tied to vehicle aftermarket services. At 6.94%, borrower cost trends could reduce demand cycles, pressuring quarterly sales figures.