How soon can you trade in a financed car?
Some quick statistics that might surprise you:
85.4% of vehicles purchased in America are financed. The average length of a car loan in America is 67 months. These staggering numbers coincide with the ever-rising price of the average new car as more and more Americans struggle to afford everything from higher rents to increased healthcare costs.
This means longer loans, lower interest rates, and higher-priced vehicles. Pair that with taxes, fees, and depreciation and you may find yourself owing more on a car than what it’s worth.