The average monthly payment for new car financing in the United States was on 169 U.S. dollars higher than for used cars in 2023. Meanwhile, the down payment for new automobiles was several thousand U.S. dollars higher than for used ones. In the third quarter of 2023, the average amount financed for the purchase of a new car was over 40,000 U.S. dollars. The average maturity of new car loans at finance companies peaked in the second quarter of 2020 at 71 months.
Average payments and amount financed for used and new car financing in the United States as of 3rd quarter 2023
(in U.S. dollars)
Characteristic
Amount financed
Down payment
Monthly payment
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Edmunds . (October 3, 2023). Average payments and amount financed for used and new car financing in the United States as of 3rd quarter 2023 (in U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1342134/car-financing-payments-and-amount-financed-in-the-us/
Edmunds . "Average payments and amount financed for used and new car financing in the United States as of 3rd quarter 2023 (in U.S. dollars)." Chart. October 3, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1342134/car-financing-payments-and-amount-financed-in-the-us/
Edmunds . (2023). Average payments and amount financed for used and new car financing in the United States as of 3rd quarter 2023 (in U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1342134/car-financing-payments-and-amount-financed-in-the-us/
Edmunds . "Average Payments and Amount Financed for Used and New Car Financing in The United States as of 3rd Quarter 2023 (in U.S. Dollars)." Statista, Statista Inc., 3 Oct 2023, https://www.statista.com/statistics/1342134/car-financing-payments-and-amount-financed-in-the-us/
Edmunds , Average payments and amount financed for used and new car financing in the United States as of 3rd quarter 2023 (in U.S. dollars) Statista, https://www.statista.com/statistics/1342134/car-financing-payments-and-amount-financed-in-the-us/ (last visited July 22, 2024)
Average payments and amount financed for used and new car financing in the United States as of 3rd quarter 2023 (in U.S. dollars) [Graph], Edmunds , October 3, 2023. [Online]. Available: https://www.statista.com/statistics/1342134/car-financing-payments-and-amount-financed-in-the-us/