More evidence that reports of "peak car" in the United States were premature.
"The amount of money borrowed to pay for new and used vehicles climbed to an all-time high of $968 billion in the third quarter," reports Phil LeBeau. That fact comes from new data from Experian, which tracks auto loans.
Melinda Zabritski senior director of automotive finance with Experian provides this soundbite explaining the trend: "We're seeing record auto sales and vehicle prices are up, so loans are increasing….Also, more people are paying for their vehicle with an auto loan as opposed to financing it with a home equity loan or paying cash."
Mimicking recent trends in gas consumption and vehicle miles travelled, if Americans continue the current pace of automobile sales, "the U.S. will set a record for annual sales with an expected total of 17.46 million vehicles."
The article also includes some scary discussion about a bad word, for anyone who lived through 2008: subprime loans. Subprime auto loans have been steadily increasing since 2011, according to Experian. According to LeBeau, there is also "no shortage of people who are suggesting America's red-hot auto market is being fueled by a bubble in subprime auto loans."
FULL STORY: Auto loans reach an all-time high
U.S. Auto Loan Debt Balloons to $1.4 Trillion, Study Says
Consumer Reports published findings of an investigation of U.S. auto loan debt, finding that debt is increasing at increasingly fast rates alongside the cost of cars over the past decade.
The Philadelphia Loan Program Transforming the Demographics of Development
The Jumpstart loan program is helping Black and female residents become developers.
High Housing Costs Are Bad News for Older Millennials
Burdened by rising housing costs, many millennials are finding it increasingly difficult to pay off debt or save for the future.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
San Francisco Suspends Traffic Calming Amidst Record Deaths
Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.
Defunct Pittsburgh Power Plant to Become Residential Tower
A decommissioned steam heat plant will be redeveloped into almost 100 affordable housing units.
Trump Prompts Restructuring of Transportation Research Board in “Unprecedented Overreach”
The TRB has eliminated more than half of its committees including those focused on climate, equity, and cities.
Amtrak Rolls Out New Orleans to Alabama “Mardi Gras” Train
The new service will operate morning and evening departures between Mobile and New Orleans.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
JM Goldson LLC
Custer County Colorado
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont