CarFinance.com report shows Chrysler, Kia and Nissan models dominating new vehicle choices; domestic pickup trucks and family sedans are top choices for used
Irvine, CA, April 24, 2013– CarFinance.com today released data on the top ten new and used vehicle choices for its below-prime car buyers over the last six months1. With below-prime car buyers now accounting for over 43% of all car loans2, CarFinance.com’s report provides a new window into the purchasing behavior of a vast, returning-to-car-buying population.
The report, based on CarFinance.com’s financing data, indicates that below-prime, new-car-purchasing behavior differs from the car buying population as a whole: only one model, Dodge Ram, consistently topped both CarFinance.com’s below-prime and overall industry top ten sales lists3. And today’s below-prime car buyer would seem to be making distinctly practical vehicle decisions. They’re choosing economical new vehicle models that offer good fuel economy. On the used side they’re opting for pickup trucks and sensible, roomy family sedans.
“With loans to the nation’s large population of below-prime car buyers rebounding, and helping to fuel our economic recovery, the industry would be wise to keep a close eye on their vehicle preferences,” said CarFinance President and CEO Jim Landy. “The CarFinance.com Top Ten Lists offer a snapshot of consumers focused on vehicle choices that are realistic and economically viable, and reflect the responsibility we are consistently seeing in their loan behavior, which is characterized by low rates of defaults and low rates of late payments.”
Top Ten Below Prime New: Most Purchased – CarFinance.com Analysis
“While compact sedans rule the CarFinance.com new vehicle list, when it comes to used, pickups and midsize/large sedans dominate (with no compacts making the top ten),” added Landy. “This is a consumer looking for multi-use trucks and larger, fit-the-whole-family vehicles, but seeking those relatively high-cost vehicles at the significantly lower used price-point.”
Top Ten Below Prime Used: Most Purchased – CarFinance.com Analysis
1 The CarFinance.com Top Ten Lists represent the top models purchased by the thousands of car buyers who received financing via CarFinance.com between October 2012 and March 2013.
3 Dodge Ram Pick-up was in the U.S. Top Ten Light Vehicles by Volume every month over the past six months (Oct – March) except for October, according to NADA/Ward’s Auto data (http://www.nada.org/Publications/NADADATA/monthly_sales_recap/).
*The “Top Ten Overall Vehicles Sold in the US” list was compiled from data published on NADA.org of Monthly Sales Recap reports prepared by the NADA Industry Analysis Group — with data from WardsAuto.com. The list covers monthly sales data from October 2012 – March 2013. http://www.nada.org/Publications/NADADATA/monthly_sales_recap/
CarFinance.com’s (www.carfinance.com/) is dedicated to helping the nation’s large population of car buyers with less-than-perfect credit purchase a quality, late-model vehicle. CarFinance.com empowers car shoppers to apply for a new or used car loan, or potentially lower their existing car loan payments through refinancing, from the comfort of home. The entire process is completed virtually online directly with the lender, and personal information is kept private, safe and secure. CarFinance.com enables car shoppers to walk into the dealership with their financing in place and confident they can secure a better deal by negotiating price as if they were “cash buyers.” Headquartered in Irvine, California, CarFinance.com is led by the team that built Triad Financial, one of the largest non-prime U.S. auto finance companies.
Melanie Webber, mWEBB Communications, (424) 603-4340, firstname.lastname@example.org
Crystal Hartwell, mWEBB Communications, (714) 987-1016, email@example.com