Twenty-four % of grownups report that either they or their spouse or partner obtained (purchased or leased) a brand new or car or vehicle or truck within the previous 12 months. Of these whom purchased or leased a vehicle, 38 per cent bought a brand new car, 35 percent bought an utilized vehicle from a dealership or vehicle salesman, 17 % bought an utilized vehicle from a personal vendor, and 9 per cent leased a car. 31
The foundation from which people get automobiles differs significantly by earnings degree. Among lower-income participants whom bought or leased an automobile into the previous 12 months, two-thirds acquired it utilized, and 31 % purchased that automobile from the seller that is private. Over half of higher-income participants who acquired a car, having said that, either leased the vehicle or bought it brand brand online installment loans maine brand brand new (figure 24).
Figure 24. Supply of newly obtained cars (by family members earnings)
Note: Among participants who leased or purchased an automobile within the previous 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. Nevertheless, the anticipated lifetime of the automobile varies centered on whether it ended up being leased, bought brand brand brand new, or bought utilized. Continue reading Purchase and Financing of Newly Acquired Vehicles