Other details from the report include:

New cars accounted for 41.9% of vehicles financed in the first quarter, up from 37.9% a year ago and 40% two years ago.
Cash is growing. It accounted for 63% of used cars financed in the first quarter, up from 59% a year ago and 58% two years ago. Cash was 20% of new cars financed in the first quarters of 2024 and 2023, up 15% two years ago.
Those willing or able to finance have better credit scores. The average score for new car buyers with financing was 755, which has risen steadily from 737 in 2019. Used car buyers scores were 686, which has risen from 655 five years earlier.
The average new car sold for $40,634 in the first quarter, down from $41,115 a year earlier.
New car loans had average rates of 6.73% for new cars, up from 6.61% a year ago and 4.13% two years ago.
New car payments were $735 per month in the first quarter, up from an average of $732 a year earlier and $577 three years ago. And 16.6% of monthly loan payments were more than $1,000 in the first quarter.
New car terms were 67.6 months in the first quarter, up from an average of 66.6 months a year ago.
New loan amounts are down $480, or 1.17%, from a year ago, but up $150, or 0.4%, from the fourth quarter.
The average used car loan in the first quarter was $26,073, down slightly from $26,571 a year ago, but up from $22.355 three years ago.
The average used car payment was $523 per month, about the same as a year ago, but up from $414 three years ago.
The average used car rate was 11.91% in the first quarter, up from 11.40% a year ago and 8.7% three years ago.
The average used car term was 67.4 months, about the same as a year ago and up from 65.7 months three years ago.
Monthly loan payments of $1,000 or more accounted for 4.6% of loans bought from franchises and 2.3% of those from independent dealers. Payments under $400 were 29.7%% of franchise purchases and 37.9% of independent dealer purchases.
The average loan-to-value for used cars was 116% in the first quarter, down from 123.7% a year ago and 119% three years ago.
New and used loans 60 days or more delinquent accounted for 1.03% of total balances as of March 31, up from 0.89% a year ago and 0.84% five years ago.

Instant Insights /

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