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The Value of New Cars Is Stabilizing

Autosphere » Dealerships » The Value of New Cars Is Stabilizing
Monthly payments for the purchase of a new financed vehicle average $880. Photo ShutterStock

The latest report from J.D. Power shows that new car prices are stabilizing.

This snapshot of the market shows that 22% of consumers choose to lease a new car. The same percentage will pay cash for their new purchase, while 53% will take out a loan to finance it.

In the case of used vehicles, leasing represents only a fraction of the choices, with 55% of buyers opting for financing and 43% paying cash.

The average monthly payments for these vehicles are $880 for financing and $800 for leasing.

Since last March, the average price of a new vehicle has remained stable at around $50,000.

Tenancy periods have also lengthened slightly, with 58% of tenancies now for a period of seven years or more.

Finally, we should mention that almost 20% of consumers offer in exchange a vehicle that they haven’t finished paying for.

 

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