What did you pay for your car, finance rate?

The Nation is on the precipice of hitting 18,000,000 units sold in 2015, and the heat is on. There are winners and losers in Novembers sales. If you’re going to purchase a vehicle in December, it’s important to know which vehicles will have the most incentive on the hood, so that you can get the best deal before the year ends.

For example, Truecar.com says the average price of a Subaru in November 2015 was $27,967. Subaru gave an average incentive of $689, or 2.5% Incentive Spending as a Percentage of Average transaction price (ATP). This means that the price you see on a Subaru isn’t going to change much.

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What did you pay for your car? What was your finance rate?

Truecar.com says Average incentive spending per unit rose by $172 to $3,066. The ratio of incentive spending to ATP was 9.3 percent, up from 8.8 percent a year ago and the average cost of a vehicle was $32,966. “Automakers are in a very healthy position after the close of Black Friday promotions, with nine of the top 12 manufacturers experiencing notable revenue gains,” said Eric Lyman, TrueCar’s vice president of industry insights. “Revenue in December should also be strong as it’s historically a huge month for luxury brands, ranking as the top-selling month for premium vehicles for the past six years.”

If you are going to purchase a car soon be careful, Experian is reporting that
· Consumers continue to rely on financing; the percentage of new vehicles financed reached an all-time high of 86.6 percent
· The average credit score for a new vehicle loan fell to 710, the lowest since Q3 2007
· During Q3 2015, the average monthly payment for a new vehicle was $482, up $12 from the previous year
· The average monthly payment for a used vehicle reached $361, an increase of $3 from a year ago
· The average interest rate for a new vehicle hit 4.63 percent while the average interest rate for a used vehicle reached 8.76 percent

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What did you pay for your car? What was your finance rate?

About the Author:

Lou Ann Hammond is the CEO of Carlist and Driving the Nation. She is the co-host of Real Wheels Washington Post carchat every Friday morning and is the Automotive, energy correspondent for The John Batchelor Show and a Contributor to Automotive Electronics magazine headquartered in Korea. Hammond is a member of the North American Car and Truck of the Year (NACTOY), Women's World Car of the Year (WWCOTY), and the Concept Car of the Year.