auto dealer in black and red logo
MenuMENU
SearchSEARCH

Auto Consumers Pick Their Spots in Q3

Many take advantage of various end-arounds to make trading more realistic.

December 9, 2024
Auto Consumers Pick Their Spots in Q3

Leases made up 45% of new-electric vehicle transactions in the quarter.

Credit:

Pexels/Kindel Media

1 min to read


Third-quarter auto financing trends reflected continued market stabilization, though consumers still tapped more affordable options to minimize wallet drain.

Experian data show the average new-vehicle auto loan rose about 2% year-over-year to $41,068, though the average monthly payment increased just $5 to $737 as the average interest rate fell from about 7.1% to 6.6%.

Even with those couple of breaks, though, many prime and super-prime borrowers opted for used vehicles, according to Experian’s research. About 1% more prime and super-prime consumers took out used-vehicle loans year-over-year, or 66% and 49%, respectively.

The average used-vehicle loan ticked down about 4% year-over-year to $26,091 while the average monthly payment fell $18 to $520, according to Experian.

Meanwhile, 30-day auto loan delinquencies rose slightly to about 3.1%.

To take advantage of federal tax credits for electric vehicles, many consumers opted to lease because leases circumvent tax-break restrictions on EV battery materials sourcing that disqualify some models. In fact, leases made up 45% of new-EV transactions in the quarter, said Experian Head of Automotive Financial Insights Melinda Zabritski. That was up from 25% a year earlier.

A larger number of affordable EV models also helped make the market more accessible for many consumers, Experian said.

LEARN MORE: Is the Death Knell Being Sounded for Dealer Financing?

More Industry

Gray Toyota SUV parked outside of glass paned building
Industry•by Hannah Mitchell•September 25, 2026

Savings Seekers Boost U.S. Automakers’ Rivals

As consumers here look for ways to curb inflation’s affect on their budgets, brands offering plenty of alternative powertrains are closing in on home-grown OEMs.

Read More →
Various graphs and sheets of infographics laid out with handwritten post it notes.
Industry•by Lauren Lawrence•September 25, 2026

The Slow Electric Ascent

Second-quarter data show that the electric-vehicle market in the U.S. is inching up, the majority of states seeing a month-over-month increase.

Read More →
Auto Dealer Today, Dealer Debrief, 09/23/2026, with Lauren Lawrence
Industry•by Lauren Lawrence•September 23, 2026

Safer Rides & Cyberattacks

Vehicle crash testing is getting a virtual boost, but auto dealerships are facing increased cyberattacks. Learn more in this week's Dealer Debrief!

Read More →
Ad Loading...
Dealer Debrief, Auto Dealer Today, with Lauren Lawrence, 09/18/2026
Industry•by Lauren Lawrence•September 18, 2026

Affordability Angst | Dealer Debrief

August saw little relief for car buyers, whether they were shopping new or used. Take a look at the month's breakdown in this week's Dealer Debrief!

Read More →
Crash test dummy graphic.
Industry•by Lauren Lawrence•September 18, 2026

Virtual Crash Testing in the Works

A company's platform works alongside physical crash testing to gather insights into occupant response and injury mechanisms, with the idea of helping automakers develop safer vehicles.

Read More →
RAV4 emblem on red car.
Industry•by Hannah Mitchell•September 17, 2026

Tariff Tiff Examined

Some auto industry leaders are taking a relaxed view of the U.S.-Canada trade war while others worry that a dramatically adjusted playing field could mean too much collateral damage.

Read More →
Ad Loading...
Back of white electric vehicle. Plugged into EV charging station.
Industry•by Lauren Lawrence•September 11, 2026

EV Consideration Climbs

Despite the loss of federal EV incentives, interest has grown in the U.S., largely thanks to charging infrastructure improvements.

Read More →
Blue Toyota Prius parked next to body of water with city skyline in background
Industry•by Hannah Mitchell•September 10, 2026

August Auto Angst

The hot month brought hot-to-the-touch vehicle prices in the U.S. as consumers dived for more affordable models but found higher price tags to go with them.

Read More →
Facade of Chevrolet dealership sold in two-store transaction
Industry•by Hannah Mitchell•September 8, 2026

Arizona Stores in New Hands

The two franchises bring continued growth for a homegrown automotive group in its third generation of family ownership.

Read More →
Ad Loading...
man buckling seatbelt in car with gray interior
Awards•by Lauren Lawrence•September 3, 2026

Two New Rides Earn Safety Awards

Thanks to vehicle redesigns, two more vehicles have earned IIHS’ Top Safety Pick+ award that builds on the criteria of the lower Top Safety Pick award.

Read More →