www.youtube.com – WTVA 9 News – 2024-06-07 18:31:27

SUMMARY: With soaring car prices and interest rates, many Mississippians are opting to keep and repair their current vehicles instead of buying new ones. This trend is boosting sales at salvage yards and used auto part stores. The average new car payment has reached $700 a month, with used car payments around $500. Interest rates have also risen sharply, with new car loans averaging 6.3% and used car loans a staggering 11.9%. Mechanics like Chris Ruth are witnessing increased demand for vehicle repairs, as fixing existing cars becomes more economical. Consequently, the used auto parts industry is experiencing significant growth and hiring more staff.

With car prices skyrocketing, how are car owners offsetting the costs?

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