Tag: Q2 2022

New EV registrations have increased almost 60% since this time last year—and while gasoline vehicles continue to dominate the market, data shows new gasoline registration volumes are dropping year-over-year.

According to Experian’s Automotive Consumer Trends Report: Q2 2022, EVs comprised more than 1.7 million vehicles in operation throughout the US, quite a jump from more than 400,000 EVs just five years ago in Q2 2018.

According to Experian’s State of the Automotive Finance Market Report: Q2 2022, the average new vehicle interest loan rate for consumers with a credit score between 501 and 600, also referred to as subprime, was 9.75%—compared to prime consumers with a credit score between 661 and 780, who had an average new vehicle interest loan rate of 4.03% this quarter.

Consumers are shifting to used vehicles over new, with a higher percentage of consumers financing used. The move comes as the industry continues to grapple with inventory shortages, driving vehicle values higher.