Borrow more, but less often a loan
The average amount that Dutch consumers borrow to purchase a car increased in the first half of this year. Although the average amount borrowed has increased, the number of loans taken out has decreased slightly.
The annual Datamonitor Borrowing of the financial comparison site Geld.nl shows that in the first six months of this year, Dutch consumers on average borrowed more money for the purchase of a car than in the same period a year earlier. Where in 2021 an average of €11,900 was borrowed for the purchase of a car, that amount was €12,554 in the first six months of this year.
The fact that the average amount borrowed for the purchase of a new car has increased is hardly surprising given the overall average price increases. Amanda Bulthuis, money and insurance expert at Geld.nl, says in an accompanying letter that consumers borrow a higher amount because “[…] prices for cars have risen sharply”. Used cars, among other things, have become significantly more expensive recently. For example, the average asking price of a used car on Autoscout24.nl increased by 7.5 percent in the first six months of 2022. the average asking price of a used car on Autoscout24.nl is €23,808.
However, the number of people taking out a loan for the purchase of a car has decreased in the first half of this year. Last year, according to the Datamonitor Borrowing, 30.5 percent of Dutch consumers borrowed money to buy a car. That percentage was 29 percent in the first six months of 2022. According to Bulthuis, this may be related to the high prices. “People would rather postpone buying a car for a while.”
– Thanks for information from Autoweek.nl