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: leasing cars
Millennials are more likely to lease vehicles than older Americans, Edmunds.com reports. Analysis finds that the younger generation increasingly turns to leasing to get more car for their dollars. According to Edmunds’ analysis of car registration data provided by Polk, leasing has accounted for 28.9% of all new car purchases by millennials (ages 18-34) in 2015.