Car Loans May Help Offset Rising Costs of Popular Vehicles, says CarLoansLocal.com
Miami, FL (PRWEB) July 29, 2013 -- USA Today has reported in a recent article that Ford and General Motors are reaping rewards from the North American market. According to the article, the region currently generates almost all of these companies’ global profits. The popularity of Ford and GM vehicles is being attributed to greater market buoyancy following interest rate cuts, the recent purchasing habits of “affluent baby boomers” and an increased popularity in expensive pickup truck models.
As a corollary to this, the article also mentions another report released in May by the University of Michigan Transportation Research Institutetitle which found that consumers aged between 55 and 64 are 15 times more likely to buy a new vehicle than those born after 1980, also known as the “millennial” demographic.
All of these factors contribute to drive up the price of cars, says Car loan quote service, CarLoansLocal.com. Consequently, the average price of a new car is now about $31,000. The site says that the increase in prices of cars is also creating a climate of limited cheap finance from dealerships and automakers, turning many motorists online to search for more affordable ways to cover the cost of a car with a competitive auto loan.
The site responded to some of the points covered in the article in the following statement that was released to the press.
“For first time car buyers or younger motorists, the financial commitment of buying a new car can be daunting to say the least. Young college graduates collectively owe over $1 billion in student loans. A new car costing $31,000 or more is unaffordable to many without financial assistance. The USA Today article shows a vicious circle as consumers find vehicles to be too expensive but yet many demographics continue to buy them at their inflated prices.”
The statement continued, “We advise consumers to search for the better deals before committing to purchase their next car. CarLoansLocal.com can help provide quick and excellently rated car financing from top lenders across the nation. For some motorists, searching for a used car or leased vehicle can work out best. In each case, we advise consumers to lock down their financing first.”
Learn more at: http://www.CarLoansLocal.com.
Sam Malka, CarLoansLocal.com, http://www.carloanslocal.com/, (786) 319-9951, [email protected]
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