Fifty-three per cent of new vehicle transactions over the past 12 months were conducted through loans, while 29% were leases and 18% were cash payments, according to J.D. Power’s Automotive Market Metrics released in April.
On monthly payments, the average per customer for a new lease increased from July to March, hovering between $660 and $700 in the latter month. For new loans, that number hovers closer to $780 for March 2022. The percent for new vehicle loan terms for 84 months and greater was 58% in March—up from previous months and a year earlier.
As for days to turn in March, that number sits closer to 30 for new vehicles, and 70 for used vehicles. The days to turn have declined for new vehicles YOY, and for used vehicles since January 2022, when it increased from around 50 to around 75 days, and has since declined.
In comparing the new vehicle price with the customer-facing price, data from the JDPA PIN Incentive Spending Report (ISR) shows that the average new vehicle price for March hovered around $48,000. That number falls to around $44,000 for the average transaction price for the same period.
Finally, J.D. Power notes that the percentage of negative equity vehicles for new vehicles hovered around the 20-25% mark in March. At trade-in, that number was closer to 45%. Both are down slightly from previous months.
