More Recent Graduates Plan to Buy Used Rather Than New Cars
Subprimenews.com – June 18, 2009 Situation 82% of recent graduates were aware that credit rating impacted car loan interest rates .
72% planning to finance 1st car have never checked their credit report CapitalOne survey shows.
44% of recent graduates plan to buy 1st car w/ cash Only 29% planned to pay cash last year.
Today’s 1st-time buyers and baby boomer parents named price as most important factor in car-buying decisions.
67% of recent graduates plan to purchase used vehicles rather than new .
52% had not discussed buying process or operating budgets w/ parents .
“Despite numerous financing options available to today’s young adults, fewer plan to take advantage of the benefits of bank financing (24 percent) than just a year ago (41 percent).” — Capital One Auto Finance