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US vehicle sales in November numbered 16.5mm at a seasonally adjusted annualized rate which was above the estimate of 16.1mm. That compares with 15.32mm in November 2023 and 17.09mm in November 2019. That we are still selling less vehicles than five years ago means there are less used cars available and why used car prices, while well off their highs, remain well off the 2019 lows and will continue to I believe. Wards said "Improved affordability, and possibly relief from the end of contentious national elections, appeared to bring more consumers into dealer showrooms in November, leading sales to post their biggest y/o/y increase in 2024." That 'improved affordability' is more on the pricing side as the average 60 month auto loan rate is still 7.5%, though down from 8% this summer, it was about 4.65% entering 2020 according to Bankrate.

Average 60 month auto loan rate

Manheim Used Vehicle Index

While French president Macron is pushing back on the no-confidence vote today, it will most likely happen and yields across Europe are trading higher and why US yields are likely up too with the 10 yr yield back to 4.25%. The euro though is little changed while stocks are higher. Political drama is more common than not, which of course we're seeing in Germany and now South Korea but unless it directly impacts the economy and the ability to pay creditors, markets usually yawn. That said, Europe as a whole will continue to deal with the challenges of seeing little economic growth. The ECB will cut rates again next week but what they've done so far hasn't helped much yet due to the major structural issues Europe faces that a lower cost of capital can't fix.