Interest Rates for New, Used Cars at All-Time Lows
KANSAS CITY, Mo. — Gas prices across the nation keep trending upwards – but despite that, this may be a great time to buy a new or used car here in the metro area.
Auto dealers across the area say that interest rates on car loans have been sliding downwards for months, and are now at all-time lows in the metro.
That’s good news for car buyers like Karen Espey of Shawnee, who says that she had been looking for the right used car for her and her husband.
“We were looking for a specific car. We were looking for a used vehicle, but a good deal,” said Espey, who on Thursday bought a 2009 Cadillac Escalade. She traded in her old vehicle on the luxury SUV at a time when analysts say interest rates on new and used cars are at an all-time low.
“You can get a better deal and get out from under the rates we were under,” said Espey. “I went from 10 percent (interest rates) to four.”
Louis Fuller, general manager at Superior Buick-Cadillac in south Kansas City, says that interest rates have been dropping steadily for the last six months. He says that he’s never seen rates this low.
“It’s a buyers market,” said Fuller.
Car dealers across the metro tell FOX 4 that the low interest rates are expected to stick around for a while.