New-vehicle affordability hits 41-month high in January

New-vehicle affordability improved in January to the best level in 41 months, according to the Cox Automotive/Moody's Analytics Vehicle Affordability Index. The estimated average auto loan rate rose by 5 basis points to 10.09% in January, representing the highest average rate in three months. The average price of new vehicles decreased by 2.2% for the month, according to Kelley Blue Book.