Q1 2021 Auto Financing Report
Consumer research and ratings firm J.D. Power has released its December 2020 auto sales forecast, and the trends look slightly positive the industry, as new-vehicle retail sales were projected to have a 1% increase compared to December 2019. That said, overall sales for the year were down nearly 15% from 2019. But even though 2020 sales were down, individual transaction prices hit record levels, which helps manufacturers to maintain their profits.
Many consumers are wondering whether now is a good time to buy a car, but there are plenty of other important questions to ask during that process. Should buyers apply for financing from banks, credit unions or manufacturers? Which manufacturers offer the best financing and leasing terms? How do interest rates compare for new versus used vehicles?