The collapse of the car markets in America after the interest rate hike

Al-Marsad newspaper: A video clip circulating on social media documented the collapse of the car markets in America, due to the increase in interest rates.

The video clip showed the collection of thousands of “new and used” cars in one of the regions, due to the interest hike, as the owners were unable to pay the installments, and the cars were withdrawn from them.

The US Federal Reserve’s decision to raise interest rates has significantly increased car prices, and the market has become flooded with new and used cars.

It is worth noting that the US Federal Reserve raised key interest rates by 75 basis points, last Wednesday, to a range between 3.75 and 4%, the highest level since 2008.