Posted: 10:23 a.m. Monday, June 24, 2013
By Brian O'Connell
NEW YORK (MainStreet) — Americans love their cars, trucks and sport utility vehicles.
So much so that car purchases by cash volume are at an all-time high, according to a Edmunds.com Car Shopping Trends Report.
Edmunds reports the average amount of cash consumers spent on new vehicles last year was $30,803. Furthermore, car buyers are digging deeper to pay for extras, with $2,200 on average spent on new vehicle options last year.
What else did Edmunds uncover about U.S. car purchase trends?
In addition, most new car buyers are waiting until the weekend to pull the trigger — Saturday is far and away the most popular day to purchase a new vehicle of the week.
Age matters, too. New vehicle owners are roughly four years older than the average age of a used car buyer, according to the report.
Overall, it looks like new vehicle buyers are spending more money, and kicking more tires online, than at any point in the last five years.
That’s music to the ears of auto industry executives, and a clear sign that Americans are ready to ride in style again after half-a-decade of scaling back on new vehicle purchases.