Buying Used Cars Grows with Easier Financing - Check Out

 

 

 

 

 

Today we are going to talk about buying used cars. You certainly have the goal of one day owning your own car, don’t you?

Cars, despite being extremely valuable assets, are also extremely useful, which in turn, provide a lot of safety to drivers.

For this and several other reasons, the purchase of cars has been growing more and more, especially in 2021, with financing being one of the most requested forms of payment, as it is also the most accessible.

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Although many people are attracted to such credit, financing can be considered a very advantageous alternative, whatever your current financial condition.

Used car purchases grow in 2021 with financing

According to some information that was recently released by the National Federation of Motor Vehicle Dealers Associations (Fenauto), there has been a significant increase in the number of car sales.

Sales in more detail increased by 2.4% compared to sales made in the first two months of last year.

The cars in question are mainly pre-owned and also used, as we know, they are the ones that are most worth it.

Still referring to the significant increase in the number of sales, it is worth saying that only in the second month of this year, used car sales reached a 13% increase compared to the same period last year.

But this is in relation to closed deals.

Why Used Car Purchases Are Growing Today

Although we previously highlighted that used cars are being purchased more than new ones, due to their value and the issue of compensation, there is yet another reason for this condition.

The reason in question may be somewhat surprising.

The reason why new cars have seen a drop in sales is also because they are out of stock on the market.

Well, according to data provided by Anfavea, also known as the National Association of Motor Vehicle Manufacturers, in 2020 there was a drop in production of around 31.6%.

And beyond what many people tend to think, the prices of a new car were not that much more attractive, at least not enough to cover all the advantages that financing is currently offering.

In general, what are the main advantages of financing today?

Establishing here in a somewhat summarized way, there are about three main advantages when we refer to financing.

The first of them is its easy release. Unlike in the past, nowadays, in order to obtain financing with interesting conditions, it is not necessary to spend weeks waiting.

Another very attractive fact in relation to such credit is that the interest rates, which for a long time were the nightmare of many consumers, but today are no longer so absurd and inaccessible for so many pockets.

And finally, it is extremely important to highlight that depending on your financial conditions, it is possible to fully finance your vehicle, which basically means that you do not need a down payment.

And due to these and some other very tempting conditions, the amount of financing available in a given period this year increased by around 13% compared to the same period last year.

And the expectation is that this number will grow constantly.

What are your favorite cars today?

Different to the tastes of certain people and also to the thoughts of many others, the newest cars are not the ones that are leading the ranking of most purchased, but the oldest ones.

More precisely, vehicles with around 13 years of use, or even more, were the most financed, with an increase of around 34.8% in sales.

Those who are a little younger, but also who are in a “close age group”, which vary between 9 and 12 years of use, had an increase of 27.7% in their sales per means of financing.

The most recent ones, which obviously have a slightly less affordable price, that is, they vary between 3 and 0 years of use, had something that can be considered a good increase, since it is in the 9% range.

The only period of vehicle use that suffered a drop compared to last year is four to eight years, which decreased by around 0.2%, that is, it remained at a negative level.

Which financial institutions are recommended?

And to conclude this article, it is interesting to highlight some of the institutions recommended so that you can request some financing.

Check out the list of financial institutions to purchase used cars below!

  • Bradesco;
  • Economic Bank;
  • Itaú;
  • Santander.
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