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: new car purchases
Consumers are more likely to purchase a new vehicle after renting a car. According to new Polk analysis, 1.2 million new cars (out of 11.4 million retail sales) were purchased by consumers within 180 days of renting from an Enterprise Holdings brand. Research indicates that many car rental customers are using their rentals to experiment with new makes and models.