The 21.3% of consumers who plan to freshen up their driveway with a new car this year may experience sticker shock if they’re heading to the dealership for the first time in a few years, according to the car-shopping experts at Edmunds. Thanks to a combination of rising interest rates, longer loan terms and higher average transaction prices, Edmunds experts say, on average, a buyer could pay $6,500 more to purchase a new vehicle than they did five years ago.
Tag: car dealers
Contrary to popular belief, car dealers who price their new vehicles online below MSRP attract more traffic to their inventory online, attract buyers from greater distances and sell more vehicles than dealers who list their new vehicles at MSRP. Additionally, new data shows that buyers tend to transact at a higher price than the range they were searching within online, indicating that there is significant opportunity for additional incremental dealer profit.