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During my time in sales at Sioux Falls Ford, I helped many customers get approved for auto loans. There is no doubt vehicles are becoming more costly, especially as premium technology finds its way into cars that six/seven years ago, were otherwise pretty basic.
When I was selling Fords, a reverse camera was only seen in the higher end, Lariat and Platinum F-150 pickups. Today, the same feature is offered in a Ford Focus and other comparable sedans. The same is true for active and passive safety features, engine technologies, and a host of cabin comforts like heated seats.
According to NerdWallet, as of Q4 2015, the average car loan debt in the American household was $27,141 while the total auto loan debt owed by American consumers is north of a trillion dollars. Experian data from 2014 shows the average new car payment was over $470.00 while that of an used car loan was around $350.00. So, how does that contrast to our neighbors across the Atlantic"
The Landscape
Our friends at Car Loan Warehouse are based in the United Kingdom and recently examined data from 1,000 different finance applications. They made some key findings, including which automakers are leading the pack. For example, Vauxhall (17.7%) and Ford (17.2%) were neck-and-neck, with the Vauxhall Astra and Ford Fiesta being the most popular models financed.
German powerhouses BMW (9%), Audi (6.4%), and VW (6.1%) made up the remainder of the to...