Consumers financed more than 91,000 used electric vehicles (EVs) in 2022, up 45% from 2021, according to Experian data.
New Experian report finds average loan terms extend for new and used vehicle loans as interest rates rise.
As used originations increase, credit unions reach nearly 26% total vehicle financing market share, the highest volume in five years.
Tesla faces new competition as new electric vehicle manufacturers come onto the scene.
The automaker’s new vehicle registrations grew 61% in the first half of the year to take the top spot among luxury automakers.
New Experian report shows ongoing impact of inventory shortage on automotive finance market, as average vehicle loan amounts and monthly payments continue to rise.
While there are still uncertainties within the automotive space due to ongoing challenges like the microchip and inventory shortages, the data shows that the industry is continuing to move forward and evolve.
In January, Tesla Inc. lead U.S. luxury market sales, lapping segment leader BMW in new vehicle registration, finds Experian data.
Alternative fuel vehicles now represent nearly 16% of new vehicle financing; banks originated more than 55% of new alternative fuel vehicle loans.
Tesla’s Model Y could overtake BMW as the top-selling luxury model when its plant opens in Texas.
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