If you're on a tight budget, leasing might be a cheaper option. Limits your vehicle options: Because financing a car is more expensive than leasing upfront, it might limit the types of vehicles you can realistically afford. Cost of maintenance: Financing a car means you're responsible for all maintenance costs.Top of Form
What percent of cars are financed or leased?
Key Car Loan Statistics for 2023 - Editor's Choice. Americans currently owe more than $1 trillion on their cars. Gen Xers carry the most car loan debt. More than 85% of new cars are financed
Most of the new vehicles in the United States in 2022 were acquired using some kind of financing, while that applied to less than half of used cars. Nearly 84 percent of new cars had financing, a figure that is lower than in 2020. In 2022, used cars acquired with financing was also lower than in 2020.