Money troubles drive up used car sales
By purchasing a used car consumers may save on insurance quotes, too
An insurance quote on an older car may vary widely from one for a new auto, but that isn’t the only factor pushing consumers to buy used vehicles.
According to quarterly analysis of the automotive credit market by Experian Automotive, the economy is affecting car-buying decisions of many consumers.
But it’s not just the ongoing recession that’s forcing people searching for a new vehicle to consider a used car – it’s also the stricter lending criteria that have emerged since the onset of the credit crisis.
Melinda Zabritski, director of automotive credit for Experian Automotive said, “Loans are still available, but lenders are changing terms. This is pushing some consumers out of the new vehicle market and into the used vehicle market.”
Experian Automotive reports that 68 percent of all automotive loans in the first quarter of the year were on used cars, up almost 4 percent compared to the same time last year.
Meanwhile, the share of loans for new vehicles fell to just under 32 percent during the same time frame.
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Posted: June 11, 2009
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