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of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum
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Driven by a range of appealing factors including lower monthly payments and a wider array of models—due to the continuous rise in new vehicle inventory—leasing has reappeared as an optimal choice for consumers who are in the market for a vehicle. According to Experian’s State of the Automotive Finance Market Report: Q2 2024, leasing increased to 25.35%, up from 21.14% in Q2 2023 and 19.30% the year prior. While the average monthly payment and interest rate for a new loan modestly increased year-over-year, leasing is increasingly becoming a more attractive option for those leaning towards flexibility and affordability. For example, the average monthly payment on a leased vehicle was $148 less than a loan this quarter. What’s more, it seems consumers are leaning towards larger vehicles. For instance, the Honda CR-V (2.98%) continued to lead the top leased models in Q2 2024, and it was followed closely by the Tesla Model Y (2.61%). Rounding out the top five were the Honda Civic (2.29%), Ford F-150 (2.02%), and Chevrolet Silverado 1500 (1.86%). Prime financing grows and lease payments decline across all segments When looking at risk distribution trends in Q2 2024, prime consumers accounted for nearly 70% of the total finance market—with prime coming in at 37.82%, down from 39.84% last year and super prime increasing from 28.98% to 31.59% year-over-year. Subprime also saw a slight increase, going from 13% to 13.06% during the same period. It’s notable that all risk segments experienced a decrease in average monthly payments for leased vehicles, as super prime went from $601 in Q2 2023 to $586 in Q2 2024, prime declined to $583 this quarter, from $596 last year, and subprime was at $597, from $611. With the average monthly payments declining year-over-year for majority of shoppers, it can potentially create a more competitive market and drive more consumers towards this finance option—something automotive professionals should keep a close eye on. New and used vehicle finance market overview Data in Q2 2024 found that new vehicle loan amounts increased slightly, reaching $40,927, up from $40,743 last year, and the average interest rate went from 6.78% to 6.84% year-over-year. Despite the increases, the average monthly payment for a new vehicle only experienced a $1 growth to $734 this quarter. On the used side, the average loan amount declined from $27,316 Q2 2023 to $26,248 in Q2 2024, and the average rate grew from 11.47% to 12.01% in the same time frame. Though, the average monthly payment declined to $525 this quarter, from $536 last year. As the automotive industry continues to adapt to the changing market conditions and consumer preferences, it’s important for professionals to leverage the most current data—this will allow them to effectively assist consumers by meeting their financial needs with the available options. To learn more about automotive finance trends, view the full State of the Automotive Finance Market: Q2 2024 presentation on demand.
Voter registration lists are the backbone of our democratic process. However, maintaining accurate and up-to-date lists is a challenge that election agencies constantly face. With several regulations related to voting and election integrity that have been enacted or proposed in the last two years, maintaining a quality voter list is more important now than ever before. Election officials now have a powerful tool at their disposal: commercially available data to enhance voter list maintenance and boost voter confidence. The importance of maintaining voter lists Audit teams within election agencies are tasked with ensuring election integrity through voter list maintenance. These teams need reliable tools to: Verify and correct voter registration data Identify and update contact information Provide a cost-effective method for record updates Reduce election costs for taxpayers Success stories in voter list management Case study: West Virginia Secretary of State The West Virginia Secretary of State (WVSOS) uses Experian’s TrueTrace™ solution to enhance voter roll maintenance. Traditionally a skip-tracing solution for debt collectors, TrueTrace leverages unique data sources to ensure voters receive correct information, reducing wasted resources and improving election efficiency. WVSOS was challenged with enhancing their existing processes to a more robust 50-state comparison for cross-state movers. After WVSOS’s first data pull using TrueTrace, nearly 16,000 individuals were identified with a potential new "best" address that were also not flagged by other data comparison programs used by the state. The results? Of the almost 16,000 mailings sent, about 25% returned were undeliverable, confirming those individuals had moved. Access the full case study to discover best practices for maintaining voter rolls and conducting cost-effective elections. Webinar: El Paso County Clerk & Recorder's Office The El Paso County Clerk & Recorder’s Office was looking to bring transparency, efficiency, and increased voter confidence to the elections in El Paso County, Texas. To achieve this, they required verified enriched data for registered voters. By partnering with Experian, voter data was enriched using our TrueTrace solution. This partnership has enabled the Office to verify and append the most up-to-date voter address, leading to significant improvements in list maintenance. To date, the El Paso County Clerk & Recorder’s Office has seen a reduction of more than $39,860 in undeliverable ballot costs. Their ROI to date is a positive $4,537 back to the citizens of El Paso County. Listen to our on-demand webinar to hear more about this collaboration. Visit us online to learn more about our public sector solutions. Learn more
Housing affordability is a pressing concern across the United States, and Florida is no exception. The affordability issue can be particularly crucial for renters looking to become first-time homebuyers (FTHBs). The desire to live in a sunny location must be measured against the cost of living, particularly housing costs. Experts at Experian Housing carefully examined data from the top 15 Florida cities (by population) to gain insights into the state of housing affordability in Florida.1 Experian examined factors such as mortgage payments, rent prices, income levels, and sales prices to assess affordability. Overview of the Florida FTHB market Experian Housing’s recent report on first-time homebuyers ranked Florida the state with the third highest percentage of FTHBs nationwide, at nearly 7.7% of FTHBs.2 It outranked New York, falling behind Texas and California. In Florida, the younger populations of Generation Y and Z account for 60% of all first-time homebuyers. Nationwide, roughly 70% of FTHBs belong to these populations. Among younger buyers, affordability is often the deciding factor in whether they continue to rent or become homeowners as they balance housing costs with student loan debt and other expenses. Let’s look at some key metrics Comparative monthly mortgage payments and rent prices How this affects affordability: The bottom line for prospective homebuyers often comes down to whether it's more affordable to continue to rent or purchase a home. While the metrics discussed all contribute to the picture of affordability, for this study, Experian Housing defined affordability by calculating the rent-to-mortgage ratio, a comparison of monthly rental payments to monthly mortgage payments. Homebuying becomes more attractive to renters when the rent-to-mortgage ratio is higher because mortgage payments are more economically practical. What we observed: Experian Housing found that Pembroke Pines, Palm Bay, and Cape Coral have the highest rent-to-mortgage ratio in Florida, at nearly 80%. In other words, for example, if the average mortgage payment is $1,000, the average rental payment is ~$800. Compare this to Tallahassee, Hialeah, and Hollywood, where the rent-to-mortgage ratio is <60%. These numbers illustrate the varying home purchase and rental market trends across the state. Debt-to-income How this affects affordability: This metric compares monthly debt responsibilities, including mortgages, car loans, student loans, and minimum credit card payments, to monthly income. A high debt-to-income ratio indicates a significant portion of income is dedicated to paying debt, leaving little room for other essential living costs and discretionary spending. What we observed: Down payments How this affects affordability: A higher down payment can also assist buyers, especially first-time buyers, by increasing attractive financing options. Importantly, a down payment of 20% avoids the need for private mortgage insurance (PMI), which is insurance for the lender, protecting the lender against loss should a foreclosure occur. PMI typically costs between 0.5% and 2% of the loan amount, annually. What we observed: Sale prices and financial hurdles How this affects affordability: In comparing home affordability across Florida, first-time homebuyers should consider home prices in relation to income. While other considerations, including an individual’s debt level and other expenses, contribute to the bottom line, this gives an indication of how much income will be consumed by the home purchase. What we observed: Experian Housing examined the median sales prices and median. Comparison is essential because sales prices may be higher in a given area, but correlation with income helps determine affordability. A Florida housing opportunity, up close: Miami metropolitan area The Miami metropolitan area is an example of an area where mortgage lenders who understand their clients and the area they seek to live may well attract first-time homebuyers, loyal clients, and more word-of-mouth business. The Miami suburb of Pembroke Pines, roughly 20 miles from Miami, offers a more affordable housing market. With Florida sunshine, nearby beaches, and access to three main highways, mortgage lenders whose knowledge base is not limited to the Miami city center may have an opportunity to turn a renter into a homeowner. Florida residents navigate the cost of living in the Sunshine State Analysis from Experian Housing highlights the diversity in housing markets and the opportunities to enhance financial well-being for residents in Florida. These insights are crucial for lenders to identify affordable opportunities for all residents. Experian’s data system offers unique value to lenders given the ability to take a more comprehensive look at a borrower’s financial behavior. Experian uses credit, property, rental, and other alternative data sources to capture the borrower profile. Access to such data also gives Experian a unique ability to conduct research for reports like this one and the recent Texas affordability study. For more information about the lending possibilities for first-time homebuyers, download our white paper and visit us online. Download white paper Learn more 1 The analysis is based on the trade and rental data reported to Experian and considered first-time homebuyers during the period between November 2022 and January 2024. 2 Based on those getting a mortgage.
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With the National Automobile Dealers Association (NADA) Show set to kickoff later this week, it seemed fitting to explore how the shifting dynamics of the used vehicle market might impact dealers and buyers over the coming year. Shedding light on some of the registration and finance trends, as well as purchasing behaviors, can help dealers and manufacturers stay ahead of the curve. And just like that, the Special Report: Automotive Consumer Trends Report was born. As I was sifting through the data, one of the trends that stood out to me was the neck-and-neck race between Millennials and Gen X for supremacy in the used vehicle market. Five years ago, in 2019, Millennials were responsible for 33.3% of used retail registrations, followed by Gen X (29.5%) and Baby Boomers (26.8%). Since then, Baby Boomers have gradually fallen off, and Gen X continues to close the already minuscule gap. Through October 2024, Millennials accounted for 31.6%, while Gen X accounted for 30.4%. But trends can turn on a dime if the last year offers any indication. Over the last rolling 12 months (October 2023-October 2024), Gen X (31.4%) accounted for the majority of used vehicle registrations compared to Millennials (30.9%). Of course, the data is still close, and what 2025 holds is anyone’s guess, but understanding even the smallest changes in market share and consumer purchasing behaviors can help dealers and manufacturers adapt and navigate the road ahead. Although there are similarities between Millennials and Gen X, there are drastic differences, including motivations and preferences. Dealers and manufacturers should engage them on a generational level. What are they buying? Some of the data might not come as a surprise but it’s a good reminder that consumers are in different phases of life, meaning priorities change. Over the last rolling 12 months, Millennials over-indexed on used vans, accounting for more than one-third of registrations. Meanwhile, Gen X over-indexed on used trucks, making up nearly one-third of registrations, and Gen Z over-indexed on cars (accounting for 17.1% of used car registrations compared to 14.6% of overall used vehicle registrations). This isn’t surprising. Many Millennials have young families and may need extra space and functionality, while Gen Xers might prefer the versatility of the pickup truck—the ability to use it for work and personal use. On the other hand, Gen Zers are still early in their careers and gravitate towards the affordability and efficiency of smaller cars. Interestingly, although used electric vehicles only make up a small portion of used retail registrations (less than 1%), Millennials made up nearly 40% over the last rolling 12 months, followed by Gen X (32.2%) and Baby Boomers (15.8%). The market at a bird’s eye view Pulling back a bit on the used vehicle landscape, over the last rolling 12 months, CUVs/SUVs (38.9%) and cars (36.6%) accounted for the majority of used retail registrations. And nearly nine-in-ten used registrations were non-luxury vehicles. What’s more, ICE vehicles made up 88.5% of used retail registrations over the same period, while alternative-fuel vehicles (not including BEVs) made up 10.7% and electric vehicles made up 0.8%. At the finance level, we’re seeing the market shift ever so slightly. Since the beginning of the pandemic, one of the constant narratives in the industry has been the rising cost of owning a vehicle, both new and used. And while the average loan amount for a used non-luxury vehicle has gone up over the past five years, we’re seeing a gradual decline since 2022. In 2019, the average loan amount was $22,636 and spiked $29,983 in 2022. In 2024, the average loan amount reached $28,895. Much of the decline in average loan amounts can be attributed to the resurgence of new vehicle inventory, which has resulted in lower used values. With new leasing climbing over the past several quarters, we may see more late-model used inventory hit the market in the next few years, which will most certainly impact used financing. The used market moving forward Relying on historical data and trends can help dealers and manufacturers prepare and navigate the road ahead. Used vehicles will always fit the need for shoppers looking for their next vehicle; understanding some market trends will help ensure dealers and manufacturers can be at the forefront of helping those shoppers. For more information on the Special Report: Automotive Consumer Trends Report, visit Experian booth #627 at the NADA Show in New Orleans, January 23-26.
The automotive industry is constantly changing. Shifting consumer demands and preferences, as well as dynamic economic factors, make the need for data-driven insights more important than ever. As we head into the National Automobile Dealers Association (NADA) Show this week, we wanted to explore some of the trends in the used vehicle market in our Special Report: State of the Automotive Finance Market Report. Packed with valuable insights and the latest trends, we’ll take a deep dive into the multi-faceted used vehicle market and better understand how consumers are financing used vehicles. 9+ model years grow Although late-model vehicles tend to represent much of the used vehicle finance market, we were surprised by the gradual growth of 9+ model year (MY) vehicles. In 2019, 9+MY vehicles accounted for 26.6% of the used vehicle sales. Since then, we’ve seen year-over-year growth, culminating with 9+MY vehicles making up a little more than 30% of used vehicle sales in 2024. Perhaps more interesting though, is who is financing these vehicles. Five years ago, prime and super prime borrowers represented 42.5% of 9+MY vehicles, however, in 2024, those consumers accounted for nearly 54% of 9+MY originations. Among the more popular 9+MY segments, CUVs and SUVs comprised 36.9% of sales in 2024, up from 35.2% in 2023, while cars went from 44.3% to 42.9% year-over-year and pickup trucks decreased from 15.9% to 15.6%. 2024 highlights by used vehicle age group To get a better sense of the overall used market, the segments were broken down into three age groups—9+MY, 4-8MY, and current +3MY—and to no surprise, the finance attributes vary widely. While we’ve seen the return of new vehicle inventory drive used vehicle values lower, it could be a sign that consumers are continuing to seek out affordable options that fit their lifestyle. In fact, the average loan amount for a 9+MY vehicle was $19,376 in 2024, compared to $24,198 for a vehicle between 4-8 years old and $32,381 for +3MY vehicle. Plus, more than 55% of 9+MY vehicles have monthly payments under $400. That’s not an insignificant number for people shopping with the monthly payment in mind. In 2024, the average monthly payment for a used vehicle that falls under current+3MY was $608. Meanwhile, 4-8MY vehicles came in at an average monthly payment of $498, and 9+MY vehicles had a $431 monthly payment. Taking a deeper dive into average loan amounts based on specific vehicle types—as of 2024, current +3MY cars came in at $28,721, followed by CUVs/SUVs ($31,589) and pickup trucks ($40,618). As for 4-8MY vehicles, cars came in with a loan amount of $22,013, CUVs/SUVs were at $23,133, and pickup trucks at $31,114. Used 9+MY cars had a loan amount of $19,506, CUVs/SUVs came in at $17,350, and pickup trucks at $22,369. With interest rates remaining top of mind for most consumers as we’ve seen them increase in recent years, understanding the growth from 2019-2024 can give a holistic picture of how the market has shifted over time. For instance, the average interest rate for a used current+3MY vehicle was 8.0% in 2019 and grew to 10.2% in 2024, the average rate for a 4-8MY vehicle went from 10.3% to 12.9%, and the average rate for a 9+MY vehicle increased from 11.4% to 13.8% in the same time frame. Looking ahead to the used vehicle market It’s important for automotive professionals to understand and leverage the data of the used market as it can provide valuable insights into trending consumer behavior and pricing patterns. While we don’t exactly know where the market will stand in a few years—adapting strategies based on historical data and anticipating shifts can help professionals better prepare for both challenges and opportunities in the future. As used vehicles remain a staple piece of the automotive industry, making informed decisions and optimizing inventory management will ensure agility as the market continues to shift. For more information, visit us at the Experian booth (#627) during the NADA Show in New Orleans from January 23-26.
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