New Vehicle Inventory Bounces Back, Reshaping the Automotive Finance Market During the First Quarter of 2024
2024年5月30日 - 10:30PM
ビジネスワイヤ(英語)
Experian’s new report found captives accounted
for the largest new vehicle market share since 2010
With new vehicle inventory rebounding and some manufacturers
continuing to offer incentives, consumers are shifting back into
the new vehicle market—resulting in a notable impact on lender
market share. According to Experian’s State of the Automotive
Finance Market Report: Q1 2024, captives’ market share for new
vehicle financing jumped to 61.75%, its highest level since 2010.
Meanwhile, banks declined from 23.36% to 20.65% year-over-year and
credit unions went from 17.02% to 9.69% over the same period.
“The return of new vehicle inventory has had a ripple effect
across the automotive finance market,” said Melinda Zabritski,
Experian’s head of automotive financial insights. “Not only are we
seeing in-market shoppers transition away from the used vehicle
market but we’re starting to see the resurgence of leasing.”
Largely driven by the availability of new vehicle inventory in
Q1 2024, new vehicle leasing experienced a significant increase,
reaching 24.12%, up from 19.33% in Q1 2023. In addition, the
average monthly payment for a new lease dropped $7 compared to the
previous year, reaching $595 in Q1 2024.
Notably, SUVs comprised the majority of the top leased vehicles
in Q1 2024, with the Honda CR-V at 3.12% and Tesla Model Y at
2.69%. Rounding out the top five were the Nissan Rogue (2.35%),
Chevrolet Equinox (2.21%), and Honda Civic (2.02%).
Average monthly payments remain relatively stable
The average loan amount for a new vehicle was $40,634 in Q1
2024, down $481 from the previous year. Meanwhile, the average loan
amount for a used vehicle decreased $498 over the same period, to
reach $26,073. Despite the average loan amount for new and used
vehicles declining, elevated interest rates caused slight increases
to average monthly payments.
The average interest rate for a new vehicle was 6.73% in Q1
2024, up from 6.61% the previous year, while the average interest
rate for a used vehicle was 11.91%, up from 11.40% over the same
period. As a result, the average monthly payment for a new vehicle
increased $3, reaching $735, and the average monthly payment for a
used vehicle was up $2 at $523.
Interestingly, data showed that 16.31% of all new vehicle loan
payments were over $1,000 in Q1 2024. Meanwhile, 33.6% of all used
loans were under $400 this quarter.
EV interest continues to grow
EVs accounted for 8.56% of all new vehicle financing in Q1 2024.
In addition, consumers are leasing EVs at a higher rate than
previous years, with leasing making up 35.22% of EV financing in Q1
2024, an increase from 12.27% the previous year.
Of the top five leased EV models in Q1 2024, Tesla Model Y made
up 39.26%, followed by the Tesla Model 3 (11.88%), Tesla Model X
(3.72%), Rivian R1S (3.03%) and Volkswagen ID.4 (3.00%).
“With more manufacturers rolling out a diverse range of EV
models and a wider availability of tax incentives, we’re seeing
consumers lean into the EV market, particularly with leasing,”
Zabritski continued. “As technology evolves and infrastructure
continues to develop, it’ll be interesting to see the buying
preferences for these consumers once they come off lease.”
Additional findings for Q1 2024:
- Prime and super prime borrowers accounted for nearly 69% of the
total finance market in Q1 2024.
- Captives comprised 31.39% of total vehicle finance market share
this quarter, up from 25.93% last year. Banks went from 25.98% to
25.07% year-over-year and credit unions declined from 25.17% to
20.14% in the same time frame.
- New SUV registrations continue to grow at 64.29% in Q1 2024, up
from 61.70% last year, while sedans declined from 16.53% to 15.46%
over the same period.
- 30-day delinquencies increased from 2.34% in Q1 2023 to 2.72%
in Q1 2024, and 60-day delinquencies reached 0.88% this quarter, up
from 0.76% last year.
To learn more, watch the entire State of the Automotive Finance
Market Report: Q1 2024 presentation on demand.
About Experian
Experian is a global data and technology company, powering
opportunities for people and businesses around the world. We help
to redefine lending practices, uncover and prevent fraud, simplify
healthcare, deliver digital marketing solutions, and gain deeper
insights into the automotive market, all using our unique
combination of data, analytics and software. We also assist
millions of people to realize their financial goals and help them
to save time and money.
We operate across a range of markets, from financial services to
healthcare, automotive, agrifinance, insurance, and many more
industry segments.
We invest in talented people and new advanced technologies to
unlock the power of data and innovate. As a FTSE 100 Index company
listed on the London Stock Exchange (EXPN), we have a team of
22,500 people across 32 countries. Our corporate headquarters are
in Dublin, Ireland. Learn more at experianplc.com.
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Jordan Takeyama Experian Public Relations 1 951
733 8768 jordan.takeyama@experian.com
Experian (LSE:EXPN)
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Experian (LSE:EXPN)
過去 株価チャート
から 6 2023 まで 6 2024