A story on NewsChannel 9 about the affordability of new cars featured CRER director and chief economist Howard Wall.
“Most people buy a car they borrow, and interest rates are something like 9% on average, and that’s a lot higher than it was pre-pandemic.”
“Don’t borrow too much, because interest rates are high. And then, you know, don’t get a car loan for six years, because your car, if you’re on a budget, isn’t going to last six years.”
Watch the story here.https://newschannel9.com/news/local/chattanooga-buyers-weigh-car-loans-as-new-vehicle-prices-near-49000-and-rates-hit-9