How many new cars are financed?

In 2022, approximately 75% of new cars purchased in the United States were financed, meaning that buyers took out a loan or lease to pay for the vehicle. The remaining 25% were purchased with cash or other means. Car financing allows buyers to spread the cost of a new car over a period of time, typically several years, making it more affordable for many people to own a new vehicle. It can also enable buyers to access additional features or upgrades that might not be possible with a cash purchase.