Car Shoppers Preference for Models Priced Under $50,000

Author: The Black Jew Wealth Coach

Key Points:

• Car shoppers demonstrate increased interest in models priced under $50,000
• More expensive models with additional features remain unsold for longer periods
• Research conducted by trusted automotive resource, Edmunds

Market Preference for Affordable Vehicles

In recent research conducted by Edmunds, car shoppers have exhibited a growing preference for vehicles with an average transaction price (ATP) under $50,000. As a result of this trend, more expensive models, often loaded with additional features, are remaining unsold on dealer lots for extended periods. This shift in consumer behavior suggests that affordability remains a primary concern for prospective car buyers, as they prioritize the vehicles’ basic functions over luxury amenities. It will be crucial for automakers to bear this trend in mind when developing future models and marketing strategies, as attracting customers with a focus on affordability could lead to increased sales and a greater market share.

Original article:https://www.cnbc.com/2023/09/11/more-drivers-want-cars-under-50000-how-to-find-a-cheap-new-vehicle.html