New vehicle prices are rising—and it’s causing U.S. buyers to look at more used vehicles on dealership lots, according to data from Experian Automotive.
The global information services company found average monthly payments for new and used vehicles is at an all-time high.
The average monthly payment for a new vehicle in Q2 of 2015 was $483, while used was $361 —a $122 difference. That’s the widest gap since Experian began publicly reporting the data in 2008.
The difference between total loan amounts also increased significantly, with $28,524 on average for new vehicle financing, and $18,671 for used. That’s a difference of $9,853.
“As the price of new vehicles continues to rise, and the gap between monthly payments for new and used vehicles widens, we see more and more consumers looking for ways to keep their vehicle payments affordable,” said Melinda Zabritski, Senior Director of Automotive Finance for Experian Automotive, in a written release.
“This may be especially true for consumers who have the financial ability to pursue a new vehicle but may have sticker shock at the rising prices and don’t want the accompanying high monthly payments.”
