While potential car buyers might have a particular vehicle in mind, below-prime car buyers want to tune in on which cars might be the most practical and valuable purchase. CarFinance.com recently released its top 10 new and used vehicle choices by car buyers who are below prime.
According to the report, below-buyers now account for more than 43 percent of all car loans, showing just how much car manufacturers have to consider value when making cars. CarFinance.com also compiled a list of the top 10 overall vehicles sold in the country and the only has been consistently featured on both lists and that is the Dodge Ram.
"With loans to the nation's large population of below-prime car buyers rebounding, and helping to fuel our economic recovery, the industry would be wise to keep a close eye on their vehicle preferences," said Jim Landy, CarFinance, president and CEO. "The CarFinance.com Top Ten Lists offer a snapshot of consumers focused on vehicle choices that are realistic and economically viable, and reflect the responsibility we are consistently seeing in their loan behavior, which is characterized by low rates of defaults and low rates of late payments."
According to CarFinance, the Top Ten New Vehicles Purchased: Below-Prime Car Buyers in the last six months include, the Dodge Avenger, Kia Forte, Kia Optima, Chrysler 200, Dodge Journey, Ford Focus, Ram 1500, Nissan Sentra, Nissan Versa and Kia Sorento.
Car sales continue above 15 million seasonally adjusted annual rate
A separate report by Kelley Blue Book showed that light vehicle sales are expected to surpass 1.3 million units by the end of the month, accounting for an 11.4 percent gain on a year-over-year comparison. The report noted that if their predictions are correct, April would be the fifth consecutive months of a new car sales pace above a 15 million unit seasonally adjusted annual rate.
"Ford is poised to post significant gains, with an increase of 15.3 percent because of strong demand for the Fusion and Focus, both of which improved sales by more than 20 percent in the first quarter," said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book . "Consumer demand for new vehicles is strong, which is evident in the strength of the retail market."