Cars.com Survey Shows Used-Car Market Gaining

That’s up from the 27% that switched from new to used in October, even though credit markets aren’t nearly as tight now as they were when they first seized up during that month.

Car buyers are looking for ways to cut costs, and buying a used car instead of a new one is a smart way to do that, especially with certified pre-owned vehicles that come with decent warranties. What’s less intelligent is the growing trend of consumers who are stretching out their car loans.

The median length consumers consider acceptable to take on a car loan has reached 60 months, even though it was 48 months in October’s survey. Car buyers willing to accept loans of 72 or 84 months has increased from 10% to 26% as well.

Be careful: This is a pretty surefire way of getting upside-down on your loan and owing more than your car is worth.