USA - Ekhbary News Agency
The landscape of automotive financing is undergoing a significant shift, with an unprecedented number of buyers opting for seven-year (84-month) car loans. Data from industry analysts reveals that nearly 23% of new-car purchases in the first quarter involved these extended terms, a substantial increase from just 10% a decade ago. This dramatic rise is a direct consequence of soaring vehicle prices, which now average over $50,000 for new models, coupled with an average financed amount reaching record highs. Consumers, grappling with broader inflationary pressures and stagnant real wages, are increasingly stretching out their loan terms as the primary means to manage monthly payments, even if it means a significantly higher total cost over the loan's lifetime.
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