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Used Vehicle Sales Set To Hit Record High In 2016

Dec 21, 2016

Sales of used cars and trucks are expected to reach nearly 41 million vehicles in 2016, a new record for preowned vehicle sales, according to economists at Cox Automotive. The growth in used vehicle sales comes at a time when more and more used vehicle loans are being written to those with the best credit scores. According to data from Experian, more than 57% of the vehicle loans at dealerships in the third quarter of 2016 were written to those with either prime or super prime credit scores.

The average amount borrowed for a used vehicle loan ($19,227) also hit a record high in the third quarter of 2016. Used vehicle sales should continue to climb with a large number of vehicles coming off lease over the next couple of years.