The number of prime and super-prime consumers opting for used vehicles reached an all-time high record in the first quarter, at 61.88 percent for prime and 44.78 percent for super-prime, according to Experian’s Q1 2019 State of the Automotive Finance Market report.
It has been observed that vehicle affordability remains a factor in purchase decisions.
“While vehicle affordability continues to be top of mind for the industry, consumers are actively seeking ways to ensure they can afford the vehicle they purchase — a positive sign for all parties involved,” said Melinda Zabritski, Experian's senior director of automotive financial solutions. “It's important that lenders and dealers continue to monitor these trends so they can work with car shoppers to help them find the right vehicle with the right financing options.”
Additionally, the report shows that the percent of used vehicles that are leased had a slight year-over-year increase from 4.01 percent in Q1 2018 to 4.68 percent for Q1 2019.
Learn more about Experian’s Q1 2019 State of the Automotive Finance Market report here.