Car repossessions surge to highest level since 2009

UC economist weighs in on what the numbers could signal

Car repossessions are sharply on the rise. According to WLWT, repossession rates are hitting their highest level since the 2009 recession.

Michael Jones, associate professor of economics in UC’s Lindner College of Business, spoke to what this data could mean for consumers and the economy.

He said that one reason rates are so high is because of record high prices for new cars. “The average price for new cars is over $50,000, and that results in a monthly payment of about $750 a month," Jones said. On top of that, he noted that jobs are being added at lower rates than the past few years and the impacts on credit.

"One of the other concerns is that a lot of people use our cars to get to and from work,” he said. “So if that individual loses access to their car, then it makes it more difficult to be able to maintain employment."

Read the full WLWT report.

Featured image at top of a driver's hand on the steering wheel of a car. Photo/iStock

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