Experian: Affordability Boosts Used Vehicle Appeal Featured

By Staff Writer September 06, 2019

According to Experian's Q2 2019 State of the Automotive Finance Market report, consumers are extending loan terms, and deciding between new or used vehicles.

One of the more notable ways consumers have managed to make their monthly payments more affordable is to opt for used vehicles, the report stated. In fact, prime and super prime consumers financed used vehicles at record levels - these borrowers comprised more than 57 percent of used vehicle financing during the second quarter.

“In previous years, it was common for most prime borrowers to opt for new vehicles,” said Melinda Zabritski, Experian's senior director of automotive financial solutions. “But with loan amounts for new and used vehicles on the rise, and a higher volume of vehicles coming off-lease, there are late-model options available that borrowers can consider. It's important for the industry to keep an eye on these trends to help inform future business decisions.”

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Last modified on Thursday, 12 September 2019 20:56

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