Interest rates on automobile loans generally stayed as they were in the week ended September 25, as rates on 60-month new car loans improved by a mere basis point and rates on used car loans remained stationary.
60-month new car loans, for starters, were up by one basis point from 4.00 percent to 4.01 percent, while 48-month new car loans were unchanged at 3.90 percent. 36-month used car loans, on the other hand, were also at the same point they were in the previous week, sticking at 4.47 percent.
One year ago to this date, auto loan rates were considerably higher; in the week ended September 26, 2012, 60-month new car loans and 48-month new car loans were at 4.37 percent and 4.23 percent respectively, while 36-month used car loans were at 5.01 percent.
In other automotive news, The Daily Beast reported last week that despite Tesla Motors Inc. (NASDAQ: TSLA) being "wildly overvalued," the fact that the carmaker has become a big hit in recent months has convinced rival manufacturers to increase their presence in the electronic vehicle market. In an op-ed article, writer Daniel Gross cited several interesting points on Tesla's success, including how Tesla sells just 2,000 units per month while having an inversely proportional strong influence on the car market.
With Tesla still making a huge and lasting impression on consumers and carmakers alike, Gross' article postulated that other car manufacturers may be scratching their heads as they try coming up with a way to create an all-electric vehicle with an electric range of over 200 miles, albeit at a lower price than Tesla's vehicles.
