Nearly 1 in 4 Americans Who Financed a New Car Purchase with a Trade-in During Q2 Were Upside Down on Their Loan, According to Edmunds
www.edmunds.com
Nearly 1 in 4 Americans Who Financed a New Car Purchase with a Trade-in During Q2 Were Upside Down on Their Loan, According to Edmunds

Vehicle owners who are upside down on their auto loans owe more than ever before. The average amount owed on upside-down loans climbed to a record high of $6,255 in Q2 2024, compared to $4,487 in Q2 2022.

EV owners with negative equity owe more money on their car loans than owners of ICE vehicles. The average amount owed on all EVs traded in for a new vehicle purchase with negative equity climbed to $10,326 in Q2 2024

  • oo1@lemmings.worldEnglish
    7·
    2 months ago

    Sounds like upside-up for the finance company. i can see why they might not be a fan of improving mass transit options and alternatives.

  • Raiderkev@lemmy.worldEnglish
    3·
    2 months ago

    I’ve never financed a vehicle, and never will. 8-10 year old Toyota and pay cash. Buy another in 10 years or so

  • fruitycoder@sh.itjust.worksEnglish
    2·
    2 months ago

    Yeah. Creditors were loaning stupid amounts to people. It was free fed money to them and got cars off their lots for large margins.

    New subprime bagholders…