Consumers are doing anything they can to save money during the recession, from choosing used cars to shopping carefully for free auto insurance quotes.
According to Experian Automotive, used vehicle loans in the first quarter of 2009 accounted for 68.13 percent of the total, up from 64.3 percent in the previous quarter. This suggests that as the recession has dragged on, more people are saving money by paying less for used vehicles.
In contrast, Experian reported that new car loans had accounted for 31.87 percent of the total in the first quarter of this year.
The credit crunch, which has drained many people's access to financing, is also apparently playing a significant role in the trend towards used cars.
"Loans are still available, but lenders are changing terms. This is pushing some consumers out of the new vehicle market and into the used vehicle market," said Melinda Zabritski of Experian.
Another sign of the ongoing recession was an increase in the number of auto loans that are more than 30 days past due. With more of a cost burden than ever on many drivers, saving more money by shopping for free auto insurance quotes is more helpful than ever.
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