Summary
New research shows that middle-income Americans are buying cars sooner than planned due to worries about rising prices. Many people see this as the right time to buy despite concerns about costs, as they focus on securing vehicle access that fits their budgets.
Key Facts
- Middle-income Americans are buying cars sooner because they worry about prices going up.
- The latest survey from Santander Holdings USA highlights how economic conditions affect household decisions.
- Three-quarters of those surveyed believe they are financially on the right track despite worries about costs.
- 55% of people are considering buying a vehicle within the year, up from 47% earlier in the year.
- Half of the potential buyers are more likely to take out a loan to buy a car, with 48% preferring used cars.
- Higher prices have encouraged, rather than deterred, some buyers.
- The survey found that 42% are more likely to buy a car in the next three months.
- Tesla's CEO has urged U.S. buyers to purchase cars now, ahead of ending tax credits and potential delivery issues.
