kzenon / iStock.com
Commitment to Our Readers
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Trusted by
Millions of Readers
Floridians buy a lot of cars. There were only three states where new vehicle sales exceeded 1 million in 2023, and Florida was one of them. It also happens to be in the top five when it comes to the most expensive states to own a car.
So, if you’re a retiree in Florida and are currently car shopping, it helps to be aware of the state of both the new and used car markets. GOBankingRates conducted a recent study to find the average auto loan rates in each U.S. state, including Florida. The study covered the most commonly purchased vehicles: SUVs, trucks, electric cars and sedans.
Use the data below to help you make an informed decision when shopping for a vehicle and payment plan.
How Much Does an Average New or Used Car Cost?
The average cost of a new or used car depends on where you live. New cars cost roughly double the amount of used cars across the U.S., but the exact price of a vehicle in your area fluctuates depending on various factors, including the regional cost of living and other economic conditions.
New Car National Averages
- Average price: $47,480
- Average amount financed: $37,984
Used Car National Averages
- Average price: $25,415
- Average amount financed: $20,332
How Much New and Used Auto Loans Cost in Florida
If you’re interested in buying a new or used vehicle in Florida, it’s important to understand how your choice of vehicle will affect your purchasing decision. Below is a breakdown of the average auto loan rates and costs according to vehicle type.
New SUV
- Average auto loan rate: 7.33%
- Average auto loan total cost: $47,330
- Average auto loan monthly cost: $758
Used SUV
- Average auto loan rate: 11.77%
- Average auto loan total cost: $25,940
- Average auto loan monthly cost: $450
New Truck
- Average auto loan rate: 7.78%
- Average auto loan total cost: $47,442
- Average auto loan monthly cost: $766
Used Truck
- Average auto loan rate: 11.10%
- Average auto loan total cost: $25,847
- Average auto loan monthly cost: $443
New Electric Vehicle
- Average auto loan rate: 5.17%
- Average auto loan total cost: $46,799
- Average auto loan monthly cost: $720
Used Electric Vehicle
- Average auto loan rate: 11.43%
- Average auto loan total cost: $25,893
- Average auto loan monthly cost: $446
New Sedan
- Average auto loan rate: 8.50%
- Average auto loan total cost: $47,623
- Average auto loan monthly cost: $779
Used Sedan
- Average auto loan rate: 12.8%
- Average auto loan total cost: $26,085
- Average auto loan monthly cost: $461
Thanks!
State Average for All New Cars
- Average auto loan rate: 7.70%
- Average auto loan total cost: $47,422
- Average auto loan monthly cost: $765
State Average for All Used Cars
- Average auto loan rate: 11.77%
- Average auto loan total cost: $25,940
- Average auto loan monthly cost: $450
Tips for Finding an Affordable Car
Here are some car shopping tips to help you find the right car that fits your budget.
- Do your research: You’re on the right track by looking up the average cost of auto loans in your state, but don’t forget to find the answers to other questions like:
- What will you use the car for the most, and which type of car fits this role the best?
- How much storage space do you need?
- How much are the running costs like taxes, insurance and gas?
- Stick to a budget: Use the answers from your research to set a budget. You can use an online auto loan calculator to determine how much you can afford. Keep in mind that many experts recommend not spending more than 25% of your budget on car expenses.
- Consider buying a used car: Used cars are typically much cheaper than new cars, and you may be able to find a great deal on a model that you can’t afford brand new. Make sure you shop around at different dealerships to compare prices and payment terms.
- Prioritize value over price: If you just compare price tags, you may end up buying a cheaper car that provides less value in the long run. This is especially true when buying a used car. Don’t forget to look at maintenance history and repair costs, and estimate how long it will be before you’ll need to replace it.
- Look into financing options: Explore and compare different financing options from banks, credit unions and dealerships so that you can negotiate better terms when making your final purchase. Getting preapproved for a loan is a great way to solidify your budget and streamline the buying process.
- Negotiate prices: Don’t assume that the sticker price is final. When buying a used car, there might be ample opportunity for price negotiation if you’ve done your research and understand the car’s value.
Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average auto loan rates. Using Edmunds.com‘s APR car loan rates from August 2024, the auto loan rates were found for SUVs, trucks, electric cars and sedans, along with state averages for used and new cars for each state. The average total cost for an auto loan can be calculated by using the average used car and new car price as sourced from Kelley Blue Book, assuming a 20% downpayment, and using five years for the loan term. The monthly and total auto loan costs can both be calculated for all the states and car types. Using these filters, the total cost for an auto loan can be calculated for each state and with different car types. All data was collected on and is up to date as of Sept. 5, 2024.
READ SOURCE
