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.
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Andy MacLeay, director of digital marketing for Cox Automotive software unit Dealer.com, says that, “from the consumer side, it’s about old-school trust, which used to be pretty much an oxymoron when it came to the dealership experience.”
Automakers are busily adding new features to their latest vehicle models. And, this year, more consumers are in the market for a new vehicle, so some of the added features may be important from a competitive standpoint. To understand which features to promote in their ad campaigns, automakers and dealers might want to check out the newly released survey from NADA.