Monthly Painment
As average new vehicle costs near $50k, and inflation on everything from necessities to luxuries reduces the disposable income of every family in the country, monthly payments are of course following suit with a boost from rising interest rates that are ironically intended to slow inflation.
With current fed policy further reducing the availability of credit, new car financing is becoming further out of reach for a sizable percentage of the population, and even late model used car financing requires a monthly expense commensurate with what would have covered the cost of new high-end luxury models just a decade ago.
According to Experian’s fourth-quarter automotive finance report.
- The average payment for new cars in 2022 is $716/mo.
- The average car payment for used cars is $526/mo.
- 80.9% of new car buyers chose to finance their vehicle in 2022, versus 85.3% in 2021.
- SUVs and wagons increased financing share, hitting 60.7% in Q4 2022
- Overall loan balances grew 8.5 %in the same period.
Facing this headwind will be challenging for dealers, but BDC United is here to help in the effort.
Our proven ability to respond to customer leads instantly and to quickly establish a trusting discourse sets us apart from typical BDC’s. Scan the code below for an enlightening demonstration of how BDC United can leverage this ability to help your customers look past the sticker shock of painful monthly payments in order to optimistically schedule an appointment with your sales team.
https://www.yahoo.com/lifestyle/average-auto-loan-payments-expect-174817148.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAGzGzqTJZ183sVKzzvAlgA9G2149U2Hcxf9DJUmNDZTRdbZJc4EN23JI1DogUgxVqAvOEmrtHSAAUhqIG-j6m0-ulApQRRKCuhuyQL44aSHkOywEWEWuYe4ogINt2Vfo9s2Ldx_0ehogH4WZyF3fRyfjjTRypJKPWFIRgz2EH0-f
https://www.lendingtree.com/auto/debt-statistics/