Used vehicles are commanding a larger share of the U.S. automotive finance market, according to Experian’s Q3 2019 State of the Automotive Finance Market report.
Used financing increased 2.4% year-over-year and reached 55.15% in the third quarter of 2019.
Factors that are helping the used market include an increased availability of late-model used vehicles and more prime customers financing used vehicles, noted Experian.
In the third quarter of 2019 prime and super prime consumers accounted for 51.24% of used loans, the highest percentage since the third quarter of 2009, according to Experian.
Used leasing is also something that saw growth in the third quarter of 2019. Used leasing grew from 3.88% of leased vehicles in the third quarter of 2018 to 4.07% in the third quarter of 2019.