“Full-size trucks and large SUVs have been a bright spot for automakers throughout the pandemic because of their profitability, but unsurprisingly these high-demand vehicles have also been the quickest to fly off the lot,” said Caldwell. “Unfortunately, these supply shortages translate to a bigger financial hit for automakers, and the Detroit Three are likely the most affected.”
In spite of these shortages, Edmunds analysts note that affluent consumers have continued to drive a significant portion of financed purchases throughout the first quarter of the year, as indicated by increases in average down payments and the average amount financed for both new and used vehicle purchases. According to Edmunds data, the average down payment for new and used financed vehicle purchases is expected to climb to $4,729 and $3,345, respectively, in Q1 compared to $4,246 and $2,679 a year ago. The average amount financed for new and used vehicles is expected to climb to $35,040 and $23,958, respectively, in Q1 compared to $33,594 and $22,200 a year ago.