Average amount financed to buy a vehicle reaches record levels

Article by Christian A., on December 5, 2014

Experian Automotive estimates that the average amount financed to purchase a vehicle breached record levels set earlier this year and were the highest in eight years. According to Experian, the average amount financed to buy a new vehicle was $27,799 (up 4 percent) in the third quarter and to purchase a used one was $18,876 (up 4 percent) in the same period.

According to Melinda Zabritski, Experian’s senior director of automotive finance, average monthly payments also jumped in the period despite consumers’ continued willingness to apply for leasing and longer loan lengths.

The company disclosed the average monthly new-vehicle payment jumped 3 percent in the third quarter to $470. The record average was set in the first quarter of 2014 at $474.

On the other hand, the average monthly used-car payment surged 2 percent to a new high at $358, breaking the $355 record set in the second quarter this year.

Experian also estimates that the average used-vehicle loan term set a new high in the third quarter at 62 months, breaking the average of 61 months in the first and second quarters this year. Meanwhile, the average term for new-vehicle loans in the third quarter was 66 months. The company said that lease penetration jumped in the period to 24.7 percent of all new-vehicle volume.

If you liked the article, share on:

Comments

Recommended

In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
If you’ve ever visited an arcade, chances are you have already seen a Logitech G920 wheel. If that doesn’t ring a bell, it’s the steering wheel that you use when...
by - April 28, 2017
Toyota Motor Corporation disclosed that it will be bringing two of its Mirai fuel cell vehicles to China by October of this year. Tests will then be conducted on these...
by - April 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries