The average new car payment rose to an all-time high in the first quarter as American households continued to face affordability challenges in the economy.

A new report by LendingTree citing data from Experian for the first quarter of 2026 found that the average monthly payment for a new vehicle rose 2.9% from a year ago to a record of $770.

Lease payments on new vehicles rose at a faster rate, rising 3.2% over the last year to $619 on average in the first quarter.

Used car payments saw a smaller increase over the last year, rising 1.5% to an average monthly payment of $531.

Among borrowers with varying tiers of credit scores, the borrowers making the highest average monthly payments on new vehicles were nonprime borrowers with scores in the 601 to 660 range, who paid $811, followed by subprime borrowers with scores between 501 and 600 who paid $792.

NEW CAR DOWN PAYMENTS HIT 4-YEAR LOW AS BUYERS STRUGGLE WITH AFFORDABILITY CHALLENGES

Super-prime borrowers with scores between 781 and 850 had the lowest monthly payment at $753 for a new vehicle, the data showed.

The average auto loan amount in the first quarter was $43,925 for new vehicles and $27,070 for used vehicles, according to Exerpian’s data. The new vehicle loan average rose from $43,582 in the prior quarter, while the average used vehicle loan declined from $27,528 in that period.

Borrowers in the prime credit tier, with scores from 661 to 780, took out the largest loans for new vehicles at an average of $46,244. Among buyers of used vehicles, borrowers in the super-prime tier had the largest loan amount at $29,599, per Experian.

CAR INDUSTRY EXPERTS WARN PRICES CLIMBING FAST AS DISCOUNTS BECOME ‘INCREASINGLY HARD TO FIND’

Consumers’ loan balances have grown in part because of higher prices for vehicles. The most recent consumer price index (CPI) inflation data released by the Bureau of Labor Statistics (BLS) for the month of May showed new vehicle prices were up 0.2% year over year, whereas prices for used cars and trucks were down 2% from a year ago.

Nationwide, outstanding auto loan debt totaled $1.685 trillion in the first quarter of 2026 – which represented an increase of 57.3% from the first quarter of 2016 when the total was $1.071 trillion, according to the Federal Reserve Bank of New York.

While mortgages make up the largest share of U.S. consumer debt at 70.2%, auto loans accounted for 9% at a total of $1.685 trillion. Auto loans ranked as the second-largest category of consumer debt as they narrowly exceeded the $1.658 trillion in student loan debt.

FORD ROLLS OUT NATIONWIDE EMPLOYEE PRICING TO MARK AMERICA’S 250TH ANNIVERSARY

The amount of auto loan originations was $182.1 billion in the first quarter of 2026, up slightly from $180.8 billion in the fourth quarter of 2025 but below last year’s high of $187.9 billion in the second quarter.

The New York Fed’s data shows that the highest recorded total of auto loan originations was in the second quarter of 2021, which saw $201.9 billion in auto loans originated.

Americans in their 30s and 40s originated the most auto loan debt in the first quarter, totaling $38.6 billion and $40 billion respectively, narrowly topping borrowers in their 50s who originated $38.3 billion.

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Consumers aged 18 to 29 originated $25.3 billion in auto loans, while those in their 60s also took out that amount of auto loans in the first quarter.

BlackRock on Tuesday announced the launch of the iShares Nasdaq 100 ETF, aiming to capitalize on strong investor demand for exposure to the AI-led rally in U.S. technology stocks, according to a Reuters report.

The exchange-traded fund (ETF), which tracks the Nasdaq-100 Index, will begin trading on Thursday. Its launch comes just months after Nasdaq updated its index inclusion rules to speed up the entry of newly listed companies such as SpaceX.

The new fund will compete with Invesco’s well-established Nasdaq-100 ETF lineup, including the popular QQQ Trust Series 1, which has long dominated the segment. State Street also entered the space last month with its own Nasdaq-100 ETF.

“IQQ enhances our ability to provide investors with access to the Nasdaq-100 through iShares ETFs, offering complementary strategies that help align portfolios with individual investment objectives,” said Elise Terry, U.S. Head of iShares at BlackRock.

The launch follows a strong quarter for the Nasdaq-100, which posted its best quarterly performance since April 2020 in the three months ended June, driven by continued investor interest in large-cap technology companies benefiting from the AI boom. The index comprises the 100 largest non-financial companies listed on the Nasdaq exchange.

The iShares Nasdaq 100 ETF will debut with an initial net asset value (NAV) of $24 per share, compared with approximately $722 and $297 for Invesco’s comparable Nasdaq-100 ETFs.
BlackRock already manages more than $41 billion in assets across other Nasdaq-100-linked products, including the iShares Nasdaq Top 30 Stocks ETF and the iShares Nasdaq Premium Income Active ETF.

Budget Energy is the latest energy provider to increase its prices, with a 9.5% hike announced for some customers next month.

The increase will apply to to its residential electricity unit rates and standing charges for customers on variable tariffs, effective from 4 August.

Customers on fixed-price tariffs will not be affected.

The company said that the rise is due to the “continued volatility” in wholesale energy markets along with geopolitical tensions and sustained pressures across the energy market.

Budget Energy NI’s Managing Director Ken O’Byrne said they will monitor the market conditions closely.

“We understand this is unwelcome news, especially at a time when many households are facing pressure on everyday costs,” he said.

“We encourage our customers to review their tariff options to make sure they are on the plan best suited to their needs.”

Budget Energy said they will notify all affected customers directly in advance of the change, providing full details of the updated tariffs.

Last week, SSE Airtricity said household bills will increase by 6.2% from 1 August – about 20p a day, or £71.57 extra a year.

It follows an earlier increase by Power NI, whose electricity unit price increased by 6.2%, effective from 1 July.

The shares of Ola Electric Mobility slipped over 2% on Tuesday to extend a 9% fall over the past three consecutive sessions, as media reports around vendors filing fresh insolvency pleas against its subsidiary over alleged dues worth Rs 40 crore spooked investors.

The shares of the company dropped to Rs 41.41 per share on the NSE on Tuesday morning, the lowest level seen by the stock this month so far. The recent sharp drop in Ola Electric’s share price follows multiple media reports that two suppliers of its operating arm approached the National Company Law Tribunal (NCLT), seeking insolvency proceedings over alleged unpaid dues exceeding Rs 40 crore.

Ola Electric subsidiary faces insolvency pleas

Sterling E-Mobility Solutions, the EV components arm of Sterling Tools, and Anevolve Mando eMobility, part of the Anand Group, have sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the EV scooter-maker’s wholly owned subsidiary, Ola Electric Technologies.

The Economic Times couldn’t independently verify the reports.

Last year, Ola Electric’s vendor, Rosmerta Digital Services, filed an insolvency petition against the subsidiary, which is responsible for manufacturing the company’s electric scooters at its factory in Tamil Nadu. The company had denied the claims in an exchange filing.

Also read: Ola Electric’s vendor moves NCLT over unpaid dues, seeks insolvency action

Ola Electric Q1 registrations

Earlier this month, Ola Electric said it registered 43,719 vehicles in the first quarter of FY27, nearly doubling from 22,252 vehicles in the previous quarter. Citing VAHAN data, Ola Electric said that the quarter concluded with 16,144 registrations in June 2026, reflecting sustained business momentum and the company’s strongest monthly performance in recent quarters.
“Q1 FY27 marks a significant milestone in our growth journey, with registrations doubling sequentially and June registering 16,144 vehicles – our strongest monthly performance in recent quarters. The sustained momentum reflects the success of our operational improvements, strong product portfolio and continued customer preference for Ola Electric. We remain focused on accelerating EV adoption through technology leadership, manufacturing scale and delivering a differentiated ownership experience,” said a spokesperson for Ola Electric.Also read: Ola Electric’s Q1 FY27 registrations nearly double sequentially

The EV scooter-maker further said that India’s electric two-wheeler market continues to witness strong structural growth, driven by increasing consumer preference for electric mobility, favourable economics compared to ICE vehicles, and growing awareness around energy security and sustainability. As EV adoption accelerates across the country, Ola Electric said that it remains well-positioned to lead the transition through its vertically integrated technology and manufacturing platform. “The company continues to expand EV penetration through innovative products, advanced battery technology, manufacturing scale and a robust direct-to-customer distribution network across India,” it added.

Ola Electric share price

Ola Electric shares have fallen over 4% in one week and around 7% in one month. The stock has, however, gained around 12% in 2026 so far and nearly 1% in one year.

The company currently has a market capitalisation of more than Rs 19,462 crore.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

East Yorkshire Hydraulics, founded nearly 50 years ago, has been acquired by the son of one of its founders

A family-run business in Hull established nearly half a century ago is eyeing future growth after being acquired by the son of one of its founders. East Yorkshire Hydraulics, which has its head office on Harpings Road, was set up in 1979 to specialise in the design, installation and repair of hydraulic units across a range of industries.

Over the decades, the firm has expanded its client base to encompass sectors spanning steelmaking and aerospace through to power generation, and it also operates as a service centre for accumulator inspection and certification. Now the company, which currently has a workforce of 18, has secured a six-figure loan from NPIF II – Mercia Debt Finance, managed by Mercia as part of the Northern Powerhouse Investment Fund II (NPIF II), to drive expansion following a buyout.

The deal sees Andrew Kirby take control of the company, having first got involved with the company more than 35 years ago, lending a hand during his school holidays. His father, Barrie Kirby, and fellow engineer John Williams co-founded the firm in the 1970s, and the transaction allows Mr Williams to step down and retire.

Barrie Kirby, meanwhile, will continue in a part-time capacity. The funding will also strengthen the company’s working capital and facilitate investment in new equipment.

Andrew Kirby, managing director, said: “East Yorkshire Hydraulics has built a track record for expertise and reliability. It’s an honour to be taking over the business and I hope one day to pass on the legacy to my own sons.”, reports Hull Live.

“Demand for hydraulic systems has increased in recent years as high energy costs encourage businesses to improve efficiency by replacing older hydraulic systems. We have also won new work after Brexit as companies have sought out UK suppliers.

“The business is now well placed across all sectors and the loan will help us to move forward and target new areas such as renewable energy.”

Rebecca Pickering of Mercia Debt added: “Barrie and John have built a respected and profitable business over the years and Andrew, who himself has years of experience with the company, is ideally placed to take over the reins. We are pleased to support it as it enters an exciting new chapter in its history.”

Sarah Newbould, Senior Investment Manager at the British Business Bank, said: “Through NPIF II, we’re pleased to support the next stage of East Yorkshire Hydraulics’ journey, helping to preserve a successful heritage family business while enabling continued investment in its people and long-term growth.

“Advanced manufacturing plays a vital role in driving innovation and regional economic prosperity, and this investment reflects NPIF II’s commitment to supporting businesses that contribute to the UK’s Modern Industrial Strategy and strengthen the country’s industrial base.”

Gamblers who spend more than £1,000 online in a 24-hour window will have to undergo a financial risk assessment, the industry regulator has announced.

The Gambling Commission said this would also apply to anyone spending over £3,000 in a rolling 90-day period. Under-25s will have lower thresholds.

The assessments will be based on data held by credit reference agencies, but the commission has insisted they are not “affordability checks”.

Operators will use the information to help them identify gamblers at risk of financial harm or in financial difficulty.

The commission has not set a timeline for the changes saying they will be introduced in a “very careful, staged way”.

The checks will start with over-25s who gamble more than £5,000 in a rolling 24-hour period. The watchdog says this will affect less than 0.5% of customers. It will begin following engagement companies and other stakeholders over the summer.

The threshold will eventually be lowered to £1,000 in 24 hours.

In 2023, a white paper on gambling recommended enhanced checks on customers experiencing very high losses.

On Tuesday, the commission said high-spending gamblers were between two and four times more likely to have a debt management plan, and between two and five times more likely to have a default in the previous 12 months than consumers in the wider population.

The commission has been looking into whether gambling companies can use credit reference data to spot customers at risk of financial harm.

The acting chief executive of the Gambling Commission, Sarah Gardner, said the vast majority of customers would “never, ever” require an assessment.

Those who do would have a frictionless, document-free assessment provided by credit reference agencies, with no impact on their credit score.

The commission has insisted that the assessments are not the same as affordability checks, which Gardner said were “deeply unpopular” with gamblers.

She added that stakeholders had expressed concerns that more regulation could push problem gamblers onto the black market.

The holiday park business which started with just one site in the 1980s now has 15 sites within its portfolio

A growing holiday park group has expanded further into Yorkshire following the addition of three new parks. Maguires Country Parks was first established in 1981 when the Maguire family purchased their first site, Low Carrs Country Park, in County Durham.

The Berwick-based family firm has since grown to offer a collection of holiday, residential and touring parks across the North East and Yorkshire. The company specialises in holiday home ownership and touring experiences, with a focus on well-maintained parks, quality facilities and peaceful countryside locations.

Its holiday and touring destinations include Ord House, Forget Me Not, The Kaims, High Hermitage, Hurworth Springs, Newbus Grange, Marwood, Low Carrs, Nursery Garden, The Burrows, Swaleside and Swainby.

The business now owns 15 sites across Northumberland, County Durham and North Yorkshire after swooping for three sites in North Yorkshire. Directors have announced the addition of Winksley Banks Country Park, Foxhall Country Park and Hutton Bonville Country Park to its growing portfolio.

The expansion strengthens Maguires’ presence across North Yorkshire, with each park offering a distinct setting in well-kept grounds and peaceful surroundings.

Winksley Banks Country Park, based near Ripon, is set within a mature woodland setting close to the banks of the River Laver. The new owners said the park offers a quiet and established environment for holiday home ownership, with easy access to the Yorkshire Dales and surrounding countryside.

Foxhall Country Park meanwhile is set near the market town of Richmond and close to the Yorkshire Dales. The park provides a rural setting with open views across the North Yorkshire countryside, while remaining within easy reach of local amenities and attractions.

Lastly, Hutton Bonville Country Park is situated near Northallerton, offering a more open countryside setting with views across rural North Yorkshire. Its location provides convenient access to both the Yorkshire Dales and North York Moors, making it a practical base for exploring the wider region.

All three parks focus on holiday home ownership, giving customers the opportunity to enjoy regular breaks in a consistent and well-managed environment. Each site reflects Maguires Country Parks’ approach to creating relaxed, low-density parks designed for comfort and ease of use throughout the year.

Gilbert Maguire, director of Maguires Country Parks, said: “We’re pleased to bring these three parks into the Maguires portfolio. Each one offers something a bit different in terms of location and setting, but all fit with what we’re about – well-maintained parks in good locations where people can enjoy their time away.”

The addition of Winksley Banks, Foxhall and Hutton Bonville marks a continued period of growth for the family-run business, building on its established presence across the North East and Yorkshire.