New: Open Lending Near- and Non-Prime Consumer Update Now Available

Near- and non-prime consumers are at risk of being priced out of the automotive market entirely. Tracking these trends can help automotive lenders position themselves to serve deserving yet overlooked consumers. Key findings from the latest Near- and Non-Prime Consumer Brief include:

• Used near- and non-prime registrations are down double digits year over year. Near- and non-prime registrations declined 10% in 2023, while prime and super-prime stayed flat.
• Vehicle prices may be starting to come down, but monthly payments are not. While the average vehicle price dipped year-over-year in Q4 2023, the average monthly payment rose, with near- and non-prime consumers taking on a larger payment hike than prime and super-prime consumers.
• EVs may be starting to become accessible to consumers outside of prime. New near- and non-prime EV registrations grew 161%, and used EV registrations saw almost 100% growth year-over-year in the fourth quarter.
• Near- and non-prime consumers are showing a renewed interest in leasing, likely as a means to offset high interest rates and monthly payments.

Access the latest report with data through the end of 2023 here.