Aug
26

Car Commerce

In 19Q1, 85% of new cars were financed, including leases, up from 76% a decade ago. Moreover, 32% of new-car loans were for six or seven years. Ten years ago, 12% were. Thus, 33% of car buyers now roll debt (averaging $5,000) from their old car into their new one; up from 25% before the recession. Why the financing? The average new car costs $37,285; 60% of median family income!                                        

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