According to a global analytics firm, the new car market is dominated by more creditworthy households S&P Global Mobility.

What happened: According to S&P Global Mobility, companies with poorer credit ratings and younger buyers are being squeezed out of the market.

“The market has generally moved towards households with greater financial resources,” said Associate Director of Loyalty Solutions and Industry Analysis Tom Libby. “As interest rates rise, we see lower-tier participation in the new-car market dropping.”

In February, the average buyer’s credit score rose to 744.8 from 727.9 in February 2017. Just 4.7% of loans had a credit rating of less than 600 during the month. Meanwhile, the market share of buyers aged 18 to 34 fell to a five-year low of 10%.

Why it matters: The new data points to a market opportunity for a cheaper vehicle, the analytics firm said. However. Maintaining or reversing the trend also depends on Fed rate hikes, she added.

Last month, Warren Buffett-supports BYD Co Ltd BYDDF BYDDY announced the final price Seagull – 73,800 yuan or $10,638. As a four-seater with five doors, the Seagull is the smallest vehicle in BYD’s Ocean series.

Tesla Inc TSLA CEO Elon Musk had previously said it was eyeing a $30,000 vehicle. However, Tesla no schedule given for the car.

Musk recently took to Twitter and made the ongoing banking crisis in the US possible falling car sales. He said that even though US citizens have good credit, it is more difficult to get a car loan.

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