Here is an interesting chart. This shows the length of new car loans in months. Some car buyers are now financing auto loans for up to six years. The average, according to the below chart is 64 months. Either cars are lasting longer or buyers are reaching to buy more car than they can afford.
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Richard C. Young & Co., Ltd. was ranked #5 in CNBC's 2021 Financial Advisor Top 100. Jeremy is also a contributing editor of youngresearch.com.
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