Rising interest rates are putting pressure on U.S. auto sales and approaching the point where they will turn buyers away from new vehicles, according to the head of the National Automobile Dealers Association.
“Consumers are stretched at this point, budgets are tight,” Wes Lutz, chairman of the NADA, told reporters following a speech to the Automotive Press Association in Detroit. “Payments have gone up. Cars are going up $1,000, $1,500, $2,000. It’s a huge concern for us.”