A resident of Mendham, New Jersey, Patrick Dibre is the owner of Nissan of Garden City, which has consistently been among the highest-volume dealers in North America and one of Nissan's top-five stores in regard to overall profit. Additionally, Patrick Dibre oversees accounting functions for an extensive car-dealership group that includes Honda, Volvo, Chrysler, Dodge, and Volkswagen franchises.
According to Edmunds, the average loan for new and used cars during the fourth quarter of 2018 in the United States was $545 and $387, respectively, per month. Moreover, the average interest rate had reached 6.3 percent. All of these figures were at the highest point they had been in 10 years.
In the early 2010s, consumers became more interested in purchasing larger trucks and SUVs, as opposed to small and mid-sized automobiles, and that pattern is reflected in the decade-high average of car loans. Jeremy Acevedo, who serves as Edmunds' manager of industry analysis, notes that increased loan sizes coincide with Americans' desire to purchase bigger vehicles.
As a result, the average price for a new vehicle is near $36,000. By 2022, industry experts anticipate SUVs and trucks will comprise 65 percent of all new-car sales. Automotive companies are already noticing the trend and adapting. According to LMC Automotive, 84 percent of General Motors vehicles sold in the United States by 2022 will be trucks or SUVs. Similarly, 97 percent and 90 percent, respectively, of Fiat Chrysler and Ford sales will be either of these automobiles.
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