The average annual percentage rates for both new and used cars rose in the second quarter of the year, according to Edmunds.
Used car shoppers end up paying more on interest rates in the long run, explained Joseph Yoon, a consumer insights analyst for the car website.upwards for both new and used cars across the U.S. The average annual percentage rate for new cars rose 7.1%, in the second quarter of the year, according to car websiteThus, shoppers opting for preowned vehicles end up paying more on car payments in the long run."If you're financing a used car at 11% for six-seven years, after a couple years that car is not worth anything, so people are just paying for money," said Joseph Yoon, a consumer insights analyst at Edmunds."[This is] the big issue at the moment.