The average loan terms for new vehicles ticked up just a tad from a year ago, after dipping in the prior year:īut there are differences: Buyers with a credit rating of “super prime” averaged the shortest loan term, while “near prime” and “subprime” averaged the longest terms: Over the past two years, the average payment spiked by 24% (from $565 in Q3 2020). So the average new-vehicle loan payment jumped by 13% year-over-year to $700 a month. The average new vehicle loan rate rose to 5.2% in Q3, up from 4.1% in Q3 2021 and from 4.2% in Q3 2020. These are the average payments for some models, according to Experian:įor all new vehicles, the average amount financed in Q3 – after down payments, trade-ins with spiking trade-in values, etc. Ford lives and dies by its pickups.Īnd automakers have taken them upscale over the past two decades because upscale is where the money is, and they’ve come out with high-end models and equipment packages that push pickups into the luxury segment, and they have jacked up prices, and they’re making huge profit margins on them.īut other popular vehicles have big payments too. That’s when Ford got religion and dove into EVs and has come out with an electric pickup to defend its core turf, while we’re still listening to Tesla threatening to come out with one. Ford didn’t take EVs seriously until Tesla threatened to build a pickup five years ago. Pickup trucks have long been among the bestselling new-vehicle segments in the US. According to Experian’s State of the Automotive Finance Market report for loans originated in Q3 2022, the average monthly payment for the F-150 in Q3 rose to $893 a month for the Ram 1500, it rose to $860 for the Chevy Silverado 1500, it rose to $808.
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