Vehicle prices have increased so much that borrowers are taking out longer-term loans, sometimes seven years or eight years on used vehicles that may not last that long. Photo by DAN JANISSE/WINDSOR STAR/POSTMEDIA FILES

More Canadians missed payments on their auto loans in the third quarter, a trend that was most pronounced amongst the youngest and oldest cohorts of vehicle owners .

The number of people aged 25 or younger who missed three or more payments increased to 2.94 per cent of all auto loans, a 9.24 per cent increase from a year ago, and payments missed by the 26-to-35-year-old group grew to 2.54 per cent, a 10.7 per cent increase, according to Equifax Canada.

Borrowers aged 56 to 65 who missed three or more payments represented 1.33 per cent of all loans, a 14.88 per ce

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