While the new-vehicle finance market continued to stabilize in Q3 2024, data from the Experian State of Automotive Finance Report showed prime and super prime borrowers may be returning to the used vehicle market. Nearly 66% of prime borrowers chose to finance a used vehicle in Q3 2024, up from 65.47% the previous year, while 48.92% of super prime borrowers followed a similar path, up from 47.96% over the same period.

According to the report, the average loan amount for a used vehicle was $26,091 in Q3 2024, down $1,195 from the previous year. Similarly, the average monthly payment for a used vehicle dropped $18 to reach $520 over the same period.

“We’ve seen the effects of the reintroduction of new vehicle inventory over the past several quarters, and it’s brought some stability to the market,” Zabritski continued. “With the re-emergence of leasing and more availability of late-model vehicles, it’ll be important to keep a close eye on how consumer preferences evolve over the coming years. It will likely shape our market for the near future.”