Purchase and Financing of Newly Acquired Vehicles

Purchase and Financing of Newly Acquired Vehicles

Twenty-four per cent of grownups report that either they or their spouse or partner obtained (bought or leased) a unique or car or truck or truck into the previous 12 months. Of these whom purchased or leased a car, 38 per cent bought a brand new car, 35 per cent bought an utilized vehicle from the dealership or automobile salesman, 17 per cent bought an utilized vehicle from a personal seller, and 9 per cent leased an automobile. 31

The foundation from where people get automobiles differs significantly by earnings degree. Among lower-income participants whom purchased or leased an automobile into the prior 12 months, two-thirds acquired it utilized, and 31 % purchased that car from the seller that is private. Over 50 % of higher-income participants who acquired a car, on the other hand, either leased the vehicle or purchased it brand new (figure 24).

Figure 24. Way to obtain newly obtained cars (by household earnings)

Note: Among participants who bought or leased a automobile within the previous year.

Among all participants whom acquired trucks and cars into the previous 12 months, the median period over that they be prepared to keep that automobile is six years. […]