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

The newest Porsche Cayenne is scheduled be unwrapped by the end of the month after completing endurance tests worth 2.7 million miles. Since we are just a few weeks away...
by - August 22, 2017
This is the time of the year when automakers give us teasers and previews of their upcoming models. Now, it seems like BMW is ready to unveil the M5 (F90)...
by - August 22, 2017
It is quite common to revive classic cars if you have a lot of extra money. Models like the Jaguar XKSS and Aston Martin’s DB4 GT have been upgraded to...
by - August 21, 2017
Famous designer of certain Ferrari vehicles like the Enzo Ferrari and the P4/5, Ken Okuyama has revealed another one of his designs at the 2017 Pebble Beach Concours over the...
by - August 21, 2017
The current generation of the BMW M3 (F80) sedan isn’t just sporty and luxurious in terms of looks, but also in terms of performance. Because of its athletic appeal, the...
by - August 21, 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