Average Monthly Car Payment Pegged at $483, Study Says | Edmunds

Average Monthly Car Payment Pegged at $483, Study Says


SCHAUMBURG, Illinois — The average monthly payment for a new vehicle in the second quarter of 2015 was $483, according to the new State of the Automotive Finance Market by Experian Automotive.

In comparison, the average used-car payment was $361 — widening the gap between the two to $122.

The information services company said this is the largest margin since it began publicly reporting the data in 2008.

The difference between the total loan amounts for new and used vehicles also increased significantly, the report said.

On average, car shoppers financed $28,524 for a new vehicle and $18,671 for used.

The study found that 31.4 percent of all new vehicles financed were leased, up from 30.2 percent the previous year.

The percentage of used vehicles financed for 73 months to 84 months increased by 14.8 percent from the second quarter of 2014 to reach 16.1 percent — the highest percentage on record.

A recent Edmunds' analysis found that average used car prices hit a record high of $18,800 in the second quarter, up 7.6 percent — or $1,300 per vehicle — from the second quarter of 2014. Meanwhile, the average age of used cars sold in Q2 2015 was 4.5 years, down from an average of 4.9 years the same time last year.

Edmunds says: Some interesting stats to chew on while you consider your next automotive purchase.

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