There has been a trend set among the people that they like to purchase used cars more as compared to a new one. Companies are buying cars in bulk while most of the individuals are leasing cars rather than buying a new car. In 2018 there were almost 18,300 passenger cars for leasing purposes that were sold in Latvia. Car buyers in other Baltic countries are not frequently rushing to non-bank lending companies. They are comparing the loan offers for a better credit service.
The credit companies are observing in the Baltic countries that customers are visiting their offices to buy used cars more. They do not prefer to buy cars from showrooms and it is reflecting in the statistics of new passenger cars purchased and registered. Companies and individuals are choosing to buy cars that are 14 years old.
There are many car rental companies that are helping the customers to get the best deal of used cars. Up to January of this year, the average amount of loan a customer had was $8,990 but up to September it was $9,165. There is a 2% increase between both the numbers.
The number of loans for the cars increased in recent few years and has reached the high-level in car leasing purpose. Falling annual fixed loan interest rates can be the reason people and businesses are choosing to buy a passenger car in a large number. According to car experts, the number of car leasing companies and customers will increase more in the upcoming years.