Never before have Belgians borrowed so much for the purchase of a new car

Summary:

• Belgians are borrowing more than ever for new cars, with the average consumer loan reaching €23,750, an increase of €8,250 (over 53%) in the past decade, outpacing the average car price increase of 36% during the same period.

• Similar trends are observed in the used car market, where the average loan for a second-hand vehicle has risen to €17,550, reflecting a 61% increase over the last ten years.

• The rise in loan amounts suggests that car affordability is under pressure, as consumers may be forced to borrow more to cover the increasing costs of vehicles, which are influenced by rising raw material prices and stricter safety and environmental regulations.

• The shift towards more expensive electric vehicles and stricter EU regulations is contributing significantly to the rising costs of driving, making it increasingly expensive for consumers to purchase and maintain vehicles.