American drivers who took out loans to buy cars are increasingly finding themselves saddled with negative equity, with a disturbing number now owing more than $15,000 beyond their vehicle’s worth, according to a new study.
Data from Edmunds reveals that the share of American drivers who are upside down on their car loans at trade-in time increased from 23.9 percent in the second quarter of this year to 24.2 percent in the three months that followed. To put that in perspective, this figure stood at just 18.5 percent in Q2 of 2023 – a significant spike in just over a year.
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