auto lending slows down Source: Shutterstock.

Interest rates for cars are likely to hit 21-year records by the end of the year, further raising monthly payments and driving down sales as many buyers hold on to aging vehicles a little longer, Cox Automotive analysts said Wednesday.

During Cox Automotive’s forecast call, the analysts announced lower forecasts on both new and used vehicles for 2022, compared with its previous quarterly forecast in June.

Jim DuPlessis

A journalist for decades.

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