![]() The Chevy Tahoe was particularly noteworthy in this respect, with 49 percent of Chevy Tahoe buyers committing to a monthly payment of $1,000 or more, representing a 3.5-percent market share of all vehicles financed with a monthly payment of $1,000 or more.Īccording to Edmunds, the rise in new car financing payment prices can be attributed to numerous factors, including low inventory, as well as a consumer shift towards larger vehicles with greater creature comforts and tech features, plus a rise in popularity for electric vehicles. Overall, large trucks and SUVS were the dominant segments among the list of vehicles that commanded the highest percentage of monthly payments over $1,000. The analysis includes a list of brands with the greatest share of monthly payments over $1,000, placing GMC in seventh place with 41 percent of buyers paying more than $1,000 monthly. That’s compared to 24 percent who financed a plug-in hybrid, 14 percent who financed a gasoline-powered vehicle, and 4 percent who financed a non-plug-in hybrid. Notably, Edmunds also found that more than a quarter (26 percent) of consumers who financed an electric vehicle committed to a monthly payment over $1,000. By comparison, 12.2 percent had committed to a monthly payment of $1,000 or more in Q2 of 2022, and 8.3 percent in Q3 of 2021. Insights from the report show that the percentage of new car buyers who committed to a monthly payment of $1,000 or more was at 14.3 percent in Q3 2022, the highest level Edmunds had ever recorded. That’s according to a recent analysis from Edmunds, which recently published an analysis of monthly new car payments. New car buyers are shelling out more and more cash in monthly payments, with more than 14 percent of new car payments topping $1,000 in Q3 of the 2022 calendar year. ![]()
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