P&A Providers & Administrators
MenuMENU
SearchSEARCH

Auto Consumers Pick Their Spots in Q3

Many take advantage of various end-arounds to make trading more realistic.

December 9, 2024
Auto Consumers Pick Their Spots in Q3

Leases made up 45% of new-electric vehicle transactions in the quarter.

Credit:

Pexels/Kindel Media

1 min to read


Third-quarter auto financing trends reflected continued market stabilization, though consumers still tapped more affordable options to minimize wallet drain.

Experian data show the average new-vehicle auto loan rose about 2% year-over-year to $41,068, though the average monthly payment increased just $5 to $737 as the average interest rate fell from about 7.1% to 6.6%.

Ad Loading...

Even with those couple of breaks, though, many prime and super-prime borrowers opted for used vehicles, according to Experian’s research. About 1% more prime and super-prime consumers took out used-vehicle loans year-over-year, or 66% and 49%, respectively.

The average used-vehicle loan ticked down about 4% year-over-year to $26,091 while the average monthly payment fell $18 to $520, according to Experian.

Meanwhile, 30-day auto loan delinquencies rose slightly to about 3.1%.

To take advantage of federal tax credits for electric vehicles, many consumers opted to lease because leases circumvent tax-break restrictions on EV battery materials sourcing that disqualify some models. In fact, leases made up 45% of new-EV transactions in the quarter, said Experian Head of Automotive Financial Insights Melinda Zabritski. That was up from 25% a year earlier.

A larger number of affordable EV models also helped make the market more accessible for many consumers, Experian said.

Ad Loading...

Originally posted on Auto Dealer Today

More Industry

Kia Niro SUV in gold color parked outdoors
Industryby Hannah MitchellSeptember 1, 2026

Kia Closes Out Summer With a Bang

Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.

Read More →
Outside of Auto Park Ford dealership
Industryby Lauren LawrenceSeptember 1, 2026

Indiana Dealership Changes Hands

A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.

Read More →
Three men standing in front of two classic cars handing off gift.
Industryby Hannah MitchellAugust 25, 2026

Texas Dealership No Longer in the Family

The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.

Read More →
Ad Loading...
Outside of modern car dealership “Genesis of San Bruno
Industryby Lauren LawrenceAugust 25, 2026

Genesis Grows California Presence

The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.

Read More →
Red Honda Civic hybrid sedan on two lane road with green hills in background
Industryby Hannah MitchellAugust 21, 2026

August Auto Sales a Mixed Bag

An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.

Read More →
EV charger inserted into dark-colored car port
Industryby Hannah MitchellAugust 18, 2026

EV Market Humming Along

July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.

Read More →
Ad Loading...
car in background with hand giving a thumbs up in front
Industryby Lauren LawrenceAugust 14, 2026

Auto Loan Delinquency Rates Stabilize

Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.

Read More →
blue sky, yellow and orange rollercoaster with riders going up an incline
Industryby Lauren LawrenceAugust 12, 2026

EV Sales Recover in Q2

The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.

Read More →
Photo of blue Toyota Prius parked next to body of water with city skyline in background
Industryby Hannah MitchellAugust 5, 2026

The Cheapest Hybrids to Fuel

The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.

Read More →
Ad Loading...
white SUV parked in front of a body of water with a gray sky background
Industryby Lauren LawrenceAugust 5, 2026

Hybrids and SUVs Gaining Ground

The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.

Read More →