Photo Credit:Bill Moore/EVWORLD.COM

New Electric Vehicle Financing Grows More Than 30% Year-Over-Year, According to Experian Report

08 Dec 2024 | Abstracted from Yahoo Finance

"Following several quarters of incremental growth, consumer interest in electric vehicles (EVs) re-emerged in the third quarter of 2024. EVs accounted for 10.06% of new vehicle financing during the quarter - growing more than 30% compared to the previous year.

"Nearly 66% of prime borrowers chose to finance a used vehicle in Q3 2024, up from 65.47% the previous year...the average loan amount for a used vehicle was $26,091 in Q3 2024, down $1,195 from the previous year."

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