August 5, 2020

Used-vehicle down payments reach a high, Edmunds says

Used-vehicle down payments are the highest they have been since Edmunds started collecting data in 2007. Unique market conditions have led to lower interest rates, bigger down payments, less negative equity and increased cross-shopping of used vehicles, according to a statement from the company. The data shows that the average down payment reached $3,167 in June, up nearly 19 percent from June 2019 and up 42 percent from June 2015. The higher down-payment average is a result of buyers having…