In recent times, there has been a steady pattern in the rate at which vehicle average prices rise. Although the cost of each particular vehicle may vary with respect to the type of vehicle, as well as, the car maker the general statistics can help to provide you with more insight on what can really be considered affordable if you decide to make a car purchase in future.
If we consider the statistics from 2017, you get to see that new car prices were fixed at just over $36k on the average. As of 2012, just 5 years back, the average price for a new car was just a little above $83k. When it comes to used cars, its average price went from almost $17k to about $19k within the same timeframe according to the statistics.
The Effects of the Great Recession & Varying Numbers with the Average Car Payment
Ever since the time of the great recession which took place in the United States Of America, the prices of new cars have continued to rise so much that their average prices now exceed the ability of most Americans to pray for them since they mostly live on the middle-income line. This estimation is based on the calculation that was carried out with the principal of auto loans which spanned 4 years and required about payment of about 20% while 10% of everything that the household owned went to the principal, as well as, interest and insurance.
The right in your average car price and average car payment
There are a lot of factors that contribute to the rise in prices and the increase in the rate at which consumers are demanding for SUVs and trucks are playing a huge role. These vehicles happen to be costlier when compared to most passenger cars.
Since new cars now have a very exorbitant cost, if we, also, consider how much depreciation occurs once a vehicle has been purchased, it is likely that a used car could be a very likely alternative. As a matter of fact, you will find that used cars which get sold annually amount to millions and their figure are twice the number of brand new vehicles that are sold every year too.
Choosing the right car and finding the average car price
When it comes to determining the vehicle that is appropriate for you, there are lots of factors to consider. These factors include your wants and your needs. You need to first determine why you need a vehicle. And, what you expect the vehicle to do for you.
Additionally, you must narrow down the features that you expect your car to come with before going ahead to make a purchase.
Another factor to consider is your budget. Your financial circumstances are very important when deciding to purchase a vehicle. If taking out an auto loan is your choice, you will find flexible financing options that can help to you.
There are a lot of lenders such as Car Loans of America that provide you with long term auto loans that will make it convenient for you to pay back the loan monthly.
With long-term auto loans, it is likely that you will make more interest payments than if you went for an auto loan with a shorter repayment term. It’s recommended that you take into consideration what the aggregate loan cost over the entire period of the loan is. You should do this rather than focusing your attention on how much you’re expected to pay monthly.
Do some shopping around in order to locate a lending company that matches your needs and that you’re comfortable with. Doing so can help you determine the average car price, the overall average car payment and what you can afford.
Car Loans of America
At Car Loans of America, we have built a loan process which is customer-centered. Our loan conditions are flexible and give you a wide range of choices. No matter what kind of credit it is that you have, you can come to us. We will provide you with an auto loan that matches your needs! It doesn’t matter if it’s a new car loan or a used car loan.
Then again, co-borrower applications accepted by us.
On getting approved, you will be presented with different offers. This will be done with respect to your unique car buying wants. It’ll come with the choice of going for any of the offers that appeal to you.
If you get approved, all you have to do is fill out our loan documents. After, you pay the dealership that you have chosen a visit! Or, you can make use of our Car Loans of America dealer locator to locate other options around the area. Whether you’re trying to understand a branded title or what an auto loan can do for you. We’re here to help!
Car Loans of America is part of a network of registered car dealerships. You’ll be able to find new cars, as well as, used cars. Once you have our loan documents, you have nothing to worry about. When shopping for a car of your choice, you’ll go with ease.