Get My Auto Explains Impact of Fed Rate Hike on Used Car Market
The Federal Reserve has raised interest rates—but what does that mean for consumers in the market for a new vehicle? Get My Auto has an explanation.
Orange County, CA, December 22, 2016 (Newswire.com) - In the final weeks of 2016, the Federal Reserve—the United States’ central banking institution—has announced an increase to its benchmark interest rates. The rate, previously targeted at 0.5 percent, is now 0.75 percent—but how will this impact the consumer?
Get My Auto has released a new statement to the press, explaining what the Fed rate hike means for automobile consumers, in particular.
“The Fed’s benchmark interest rate impacts anyone who takes out a loan—whether it’s for a new home or a new car,” Get My Auto’s press statement explains. “Specifically, the Fed is trying to curb consumer spending; the economy is strong, and the Fed has raised interest rates to keep things from growing too much, too soon. Of course, this has practical implications for the consumer.”
First and foremost, Get My Auto says, auto consumers can expect to pay a little bit more for their vehicle financing. “All loans are going to become a little costlier, and auto loans are no exception,” Get My Auto says. “With that, the car and truck industry isn’t going to be impacted nearly as much as real estate—and used vehicle sales will be impacted least of all.”
In fact, buying used is one of the best things consumers can do to mitigate the effects of the rate hike. “We recommend buying used because it will afford you more wiggle room to negotiate and to get a good value on your vehicle, all without exceeding the budget you set for yourself,” Get My Auto explains.
Additionally, Get My Auto recommends that consumers work to maintain good credit. “It is more important than ever to keep your credit history clean,” the company states. “Sign up for automatic online payments to make sure you don’t miss any and accidentally damage your creditworthiness.”
Get My Auto Explains Impact of Fed Rate Hike on Used Car Market
“Ultimately,” Get My Auto concludes, “the Fed’s actions will impact anyone financing a vehicle, but there are ways to make this impact quite small.”
Follow Get My Auto on social media to learn more about everything that is going on in the world of used vehicles.
About Get My Auto
Orange County-based Get My Auto is an informational website about used vehicles. Its aim is to educate consumers about their pre-owned vehicle choices. Content on the site includes automotive reviews, cost data, and general tips about seeking out and purchasing used vehicles. More information can be found on the Web at www.getmyauto.com. Get My Auto is headquartered in Orange County, California.
Additionally, Get My Auto can be contacted at:
7901 Von Karman, Suite 667
Irvine, CA 92614, or reach by phone at 949.408.3264
Source: Get My Auto