Even Buyers With Great Credit Are Seeking Used Cars
According to automotive publication Get My Auto, even consumers who have excellent credit are coming to prefer used vehicles over new ones.
Orange County, CA, September 19, 2016 (Newswire.com) - Most people who take out a loan to buy a new automobile are coming to prefer used cars to new ones—and that’s true across the board, among buyers of all credit types. Such is the finding of a new report from CNBC. In a new statement to the press, Orange County based Get My Auto comments on the new data and on what it ultimately says about the auto industry.
“Used cars aren’t just for those who have suboptimal credit,” comments Get My Auto. “They are, increasingly, the first choice among buyers even in the top echelon of creditworthiness. This is as much a reflection on the rising price point of new vehicles as it is the continued affordability of pre-owned ones.”
The CNBC report puts the numbers into perspective. “In the second quarter of this year, 43.3 percent of consumers with the highest credit rating who took out an auto loan, did so to buy a used vehicle,” says the report. “That's 10 percent more than the same time a year ago.” Among consumers in the second-highest credit range—prime—nearly 60 percent are buying used instead of new, another uptick from last year.
“There are a few different reasons think people with good credit turning to used cars” comments Get My Auto. “The big factor, we believe, is that new cars cost more and more.” CNBC confirms this, noting that “new vehicle prices have surged to new highs with the average transaction price in August topping $34,000 according to Kelley Blue Book.”
“Used cars, meanwhile, are incredibly reliable while also being much less expensive,” says Get My Auto. “That’s a better value, and it allows borrowers to either take out smaller loans, or else stretch those loans a bit further, getting more bang for their buck.”
Overall, CNBC finds that “used vehicles accounted for 55.6 percent of all auto loans written in the second quarter, a new record high.” Concludes the Get My Auto statement, “We only expect to see that number increase—truly good news for the used auto industry.”
Orange County based Get My Auto is an informational website about used vehicles. Its aim is to educate consumers about their pre-owned vehicle choices. Content on the site includes automotive reviews, cost data, and general tips about seeking out and purchasing used vehicles. More information can be found on the Web at www.getmyauto.com. Get My Auto is headquartered in Orange County, California. Additionally, Get My Auto can be contacted at: 17901 Von Karman, Suite 667
Irvine, CA 92614, or reach by phone at 949.408.3264
Source: Get My Auto