Gap between New and Used Car Loans Hits All-Time High

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Gap between New and Used Car Loans Hits All-Time High

The difference between loaning a brand new car and loaning a used car has hit a record high at $11,000. There is also a record regarding the amount borrowed for new and used car loans.

The fourth quarter saw the average amount that people pay to loan a new car increase by approximately $1,000. Monthly payments have also increased, with new car loans up $13 from last year.

Due to these new more pricey trends, buyers are looking for alternative options, such as finding alternative methods to extend loans and opting for short-term leases instead.

Image via Your AAA Magazine.

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