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

When Chevrolet came out with the 2018 Equinox last September, the facelifted model was offered in a diesel option for the first time, plus it weighed much less at 400...
by - July 23, 2017
If you are a huge fan of the hardcore GTS version, you probably know that the closest you could get to that model is the upgraded model of the M4...
by - July 23, 2017
Audi’s intention to bring out the Renn Sport Racing version of the Q5 was made clear when it unveiled the Audi SQ5 at the 2017 Detroit Motor Show early this...
by - July 22, 2017
Kia’s Sorento midsize sports utility vehicle is reaching its mid-cycle for the 2018 model year. Thus, its fans, enthusiasts and satisfied customers are expecting the Sorento to receive an update...
by - July 22, 2017
The Lotus Evora Sport 410 astonished the world after arriving as the more powerful and lighter edition of the already impressive Evora 400. Now, Lotus Cars is throwing in another...
by - July 22, 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