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 acquired (bought or leased) a brand new or car or truck into the year that is prior. Of these whom purchased or leased a car, 38 per cent bought a brand new car, 35 per cent bought a utilized vehicle from the dealership or vehicle salesman, 17 % bought a utilized vehicle from an exclusive vendor, and 9 per cent leased a car. 31

The foundation from where people get automobiles differs significantly by earnings degree. Among lower-income participants whom purchased or leased a car into the previous 12 months, two-thirds acquired it used, and 31 % purchased that car from the seller that is private. Over 50 % of higher-income participants who online installment loans maine no credit check acquired a car, having said that, either leased the vehicle or bought it brand brand brand brand new (figure 24).

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

Note: Among participants who leased or purchased a vehicle in past times year.

The median period over which they expect to keep that vehicle is six years among all respondents who acquired a car or truck in the prior year. But, the anticipated life of the automobile varies predicated on whether or not it had been leased, bought brand new, or bought utilized. Participants whom bought a unique, unused automobile be prepared to keep it for a median of nine years. This even compares to a median expected keeping duration of 5 years for people who bought their vehicle from the personal vendor ( dining dining dining table 22). The smaller holding period for automobiles bought from personal vendors probably reflects the reduced cost of these vehicles.

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