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Auto Loans in March Averaged 70.6 Months, the Longest Ever
www.caranddriver.com ^ | APR 3, 2020 | BY COLIN BERESFORD APR 3, 2020

Posted on 04/05/2020 12:40:11 PM PDT by RomanSoldier19

The average new-vehicle loan term in March was 70.6 months, the longest ever, according to a new research report. Loan lengths have been steadily climbing in recent years alongside the price of new vehicles. Average monthly payments also rose, hitting $573. In March 2019, average monthly payments were $553.

(Excerpt) Read more at caranddriver.com ...


TOPICS: News/Current Events
KEYWORDS: insanity
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To: tomkat

I did tell my kids we could save the cost of a casket, and bury me in the car...... Thanks.


41 posted on 04/05/2020 3:58:45 PM PDT by jttpwalsh
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To: RomanSoldier19

I remember the “Good old Days” when if you wanted a car, you had to come up with a down payment, then go to a bank and get a loan for the rest plus taxes.
If a used car you could only get 18 month loan.
If a new car, you could get a 24 month loan.

But then, back at that time a soda pop cost 10 cents, not $1.50.
Same for cars. A new one could run you a whole two thousand dollars!


42 posted on 04/05/2020 4:09:36 PM PDT by Ruy Dias de Bivar
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To: RomanSoldier19

My hhr is 12 years old, still runs like a top. Will be damned to spend $60k on any vehical that doesnt have a gun on top


43 posted on 04/05/2020 5:30:08 PM PDT by Bommer (I am a MAGA-Deplorian! It is the way! It is the only way!)
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To: Alberta's Child
It’s not really “free money.” If you take one of those 0% financing deals you’re usually giving up some kind of discount that you could negotiate for yourself if you paid cash for the vehicle.

A friend of mine bought a new pickup a few months ago. The sales guy was all excited about it, until he told them he was paying cash. He said you could almost see extreme disappointment on the guy's face. They weren't interested in discounting anything at all. It was both interesting and a bit strange IMO.

44 posted on 04/05/2020 8:20:53 PM PDT by zeugma (Stop deluding yourself that America is still a free country.)
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To: Huskrrrr

Yep - and they can probably be had for about 55% of original cost...


45 posted on 04/06/2020 4:02:43 AM PDT by trebb (Don't howl about illegal leeches, or Trump in general, while not donating to FR - it's hypocritical.)
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To: zeugma

We always pay cash for our cars. We negotiate the price first and then when they start talking about financing we say cash. Apparently that doesn’t happen very often because they always act a little surprised.


46 posted on 04/06/2020 7:20:08 AM PDT by sheana
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