The Shift In Buying a Second Vehicle

Cardinale GMC has noticed a shift in who is buying vehicles. It use to be folks aged 35-44 but now we are seeing Baby Boomers more often. Looking at the demographic facts, such as who is buying a new vehicle and how income correlates, helps us understand the recent change. GMC California wanted to take a look at the shift in regards to purchasing a second vehicle.

Are Two Vehicles Needed?

It’s quite simple, really. Those aged 35-44 aren’t investing in a second vehicle like they did in the past. Having one is most likely a necessity, but is a second a must? If finances are an issue, sharing a vehicle probably makes more sense. The down payment amount can be used towards a lot more than the convenience of a second set of wheels. That could be medical bills, utilities for the year or groceries. Vehicle prices are well over $20,000 doesn’t help the cause, either.

Did You Know…

  • Leasing penetration has returned to 19%, which is pre-recession rates
  • To finance a new vehicle, the average down payment is $2,914 and it’s $868 to lease something new
  • 72% of car loans have terms that are 60+ months
  • 4 years is the average age of vehicles on the road today; a record high
  • In the last 60 months, 87% of those who purchased a brand new vehicle with financing still have payments and 79% for those who bought used
  • 72-84 month loans are the fastest growing segment in the automotive buying industry
  • 56% of used buyers finance their vehicles and 81% of new buyers finance

Shift Or Not, Cardinale GMC Is Here To Help

Head on over to the Seaside auto mall to learn more about what’s involved in purchasing a vehicle. Whether it’s your household’s only vehicle or second, Cardinale GMC will assist you through the entire process. We’re here to help you decide if buying or leasing is the best option for you. We hope to see you soon!

Cardinale GMC

2 Heitzinger Plaza

Seaside, California 93955

Phone: 877.957.1626