Edmunds' analysts say average amount
owed on upside-down car loans soars
(March 15, 2024) SANTA MONICA, Calif. — A growing number of consumers are finding themselves upside down on their car loans as the used vehicle market continues to stabilize and used values dwindle. "A storm is brewing in the used market as incentives and inventory continue to trickle back into the new vehicle market," said Ivan Drury, Edmunds' director of insights. "With demand for near-new vehicles on the decline, used car values are depreciating similarly to the way they did before the pandemic, and negative equity is rearing its ugly head."