Average used car loans are now much more than the vehicles are worth

Used car prices have been all over the map in recent times, with some used models exceeding their new MSRPs as demand soared and supply dwindled. While that situation appears to have been mostly resolved, the financials of the used car market are still raising eyebrows, as buyers seem to be rolling more negative equity into their purchases in 2023.

A new study from J.D. Power and TransUnion pointed out that the average loan-to-value ratio of used car financing has…