Rising Costs Lead 60% Americans to Keep Cars Longer

Amid rising costs such as high interest rates, insurance premiums, and fuel prices, nearly 60% of American drivers are choosing to keep their cars longer to manage expenses, with car payments averaging above $450 monthly. This trend spans across generations, although younger drivers like Gen Z show lower car ownership rates and less tendency to extend vehicle use. For those considering electric vehicles (EVs), specialized EV loans, often referred to as 'green auto loans,' offer benefits such as lower interest rates, longer repayment terms, and potential perks like rebates or charging station costs, making EV financing distinct from traditional car loans. Buyers are encouraged to pre-qualify for EV loans to better understand their spending limits before purchasing. Additionally, the 25th annual Auto Finance Summit will take place in Las Vegas, featuring industry leaders discussing key topics like compliance, fraud prevention, and capital markets, signaling ongoing evolution in auto lending and leasing sectors. These developments reflect a market adapting to financial pressures and the increasing popularity of electric vehicle ownership.