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The Average Loan Amount for New and Used Vehicles
Posted on: 03/08/2017
Did you purchase new or used? Experian Automotive stated in its fourth quarter State of the Automotive Finance Market report the average difference in loan amount on a new and used vehicle is the biggest gap ever reported by Experian. The difference of the loan amount on a new auto loan versus used is $11,292.
Also setting records are the amounts financed on a new and used auto loans. The average for a new loan was $30,621 (3.6% increase from same period 2015) and for used the amount was $19,329 (2.5% increase).
In order to secure manageable payments more and more customers are signing for longer loans. Loans from 73 to 84 months accounted for 32.1% of new-vehicle loans in the fourth quarter of 2016. Last year that number was 29%. Used loans also reached record highs with 18% of loans at 73 to 84 months, up from 16% last year.
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Our Car Buying Service can help save you money on your vehicle purchase. Members have saved an average of $3,106 off MSRP on new vehicles.*
* Between 7/1/16 and 9/30/16, the average estimated savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/2016, was $3,106. Your actual savings may vary based on multiple factors including the vehicle you select, region, dealer, and applicable vehicle specific manufacturer incentives which are subject to change. The Manufacturer's Suggested Retail Price ("MSRP") is determined by the manufacturer, and may not reflect the price at which vehicles are generally sold in the dealer's trade area as not all vehicles are sold at MSRP. Each dealer sets its own pricing. Your actual purchase price is negotiated between you and the dealer. TrueCar does not sell or lease motor vehicles.