Consumer Reports recently released its monthly Retail Index, which indicates what consumers bought last month and what expenditures they plan for this month. The index points out that more consumers bought new cars in December, and many are planning to purchase used cars in January.
Respondents were significantly more likely to have purchased a new car in December 2010 compared to December 2009 – 3.2 percent said they made such a purchase this year, compared to 1.9 last year. Used car purchases remained unchanged between December 2009 and December 2010, the Retail Index found.
Though consumers did not increase their purchases of used cars in December, more of them plan to buy used cars in January, according to the organization. Approximately 5.9 percent included used cars in their planned expenditures for January, an increase over 3.4 percent last year. Planned expenditures on new cars reportedly remained unchanged.
As credit slowly expands again, a wide variety of car financing options have become available to consumers with bad credit history. Those planning the purchase of a new or used car in coming months may want to use a car loan calculator to determine what kind of vehicle they can afford.