Monthly car payments near $600 as SUV and truck sales surge: Experian

The average monthly car loan payments are on the rise, surging upwards of $600, as an increasing number of consumers switch back to financing new vehicles, according to Experian’s latest auto financing report.


During the last three months of the 2020 fiscal year, consumers borrowed almost $2,000 more for new vehicles, spending on average $35,228, according to Experian’s State of the Automotive Finance Market report.

This pushed their monthly bill from about $13 to upwards of $576 during that period, according to Experian.

“The events of 2020 disrupted the automotive industry and we’ve seen some consumers shift away from patterns that have been cemented over previous quarters such as opting for used vehicles,” Experian senior director of automotive financial solutions Melinda Zabritski, said.

This change can be attributed

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Electric car sales surge as dealers go digital but overall registrations slide 40%: reaction

New car registrations fell by almost 40 per cent last month despite a surge in sales of electric vehicles, industry figures have revealed.

a car parked in a parking lot

© Battery electric vehicle uptake grew by 2,206 units, or 54.4 per cent, to take a 6.9 per cent slice …

Just over 90,200 cars were registered UK-wide in January – down 39.5 per cent on the same month in 2020, according to the Society of Motor Manufacturers and Traders (SMMT).

It marks the industry’s worst start to a year since 1970 as showrooms across the country remained shut due to Covid lockdown measures.

SMMT chief executive Mike Hawes said: “Following a £20.4 billion loss of revenue last year, the auto industry faces a difficult start to 2021.

“The necessary lockdown will challenge society, the economy and our industry’s ability to move quickly towards our ambitious environmental goals.

“Lifting the shutters will secure jobs, stimulate the essential

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