Americans are buying more luxury cars than ever

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The price of the average new car in America sat 6.1% higher at the end of September than it did one year before, partially due to inflation. But another factor is driving prices to new highs: Americans are choosing more expensive cars.

Luxury vehicles made up nearly 18% of new car sales in September. That’s almost 3% higher than two years ago and up more than 5% from a decade before. We’ve seen a higher percentage only twice — in December 2021 and June 2022.

American car shoppers’ tastes have changed, with SUVs making up a greater percentage of new car sales than ever before. Compact and midsize SUVs, combined with full-size pickups, make up nearly half of new vehicle sales.

See: Finally, new car inventory is up; what it means for car shoppers

But our taste for luxury cars is also growing. According to Kelley Blue Book’s parent company Cox Automotive, the average car payment was $738 in September.

Here’s how much luxury car sales have increased in the past decade:

 Date

% of New Car Sales from the Luxury Classes

September 2012

12.60%

September 2013

13.46%

September 2014

13.42%

September 2015

13.03%

September 2016

13.76%

September 2017

13.34%

September 2018

14.99%

September 2019

15.52%

September 2020

15.12%

September 2021

17.31%

September 2022

17.99%

This story originally ran on KBB.com. 

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Image and article originally from www.marketwatch.com. Read the original article here.

By admin