Good ideas and conversation. No ads, no tracking. Login or Take a Tour!
user-inactivated · 3064 days ago · link · · parent · post: Cars are getting too expensive for US buyers
You know what, let's read that again. A smidgen over 5.5 years to pay off a car? Now let's read this: http://www.thefiscaltimes.com/2015/07/29/Here-s-Why-Americans-Are-Keeping-Their-Cars-Longer-Ever Ooooooooof. That matches up for not quite a year of being paid off before jumping onto a new model.The average term for a new-car loan is now 68 months and some loans stretch as long as seven years.
The average term for a new-car loan is now 68 months and some loans stretch as long as seven years.
The average length of ownership of a new vehicle reached 6.5 years in the first quarter of 2015, more than two years longer than in 2006.