More and more prime-credit auto consumers who could swing a new-car deal instead are opting for used vehicles.
It’s something of a marketplace phenomenon and reflects, among other things, how far used-car quality has come since the days when buying a pre-owned vehicle came with high risks of breakdowns.
“Fifty-four percent of prime borrowers are buying used cars,” Melinda Zabritski, credit tracker Experian’s senior director-automotive, says at the American Financial Services Assn.’s annual vehicle conference held here in conjunction with the National Automobile Dealers Assn. convention and expo.
Source: Wards Auto