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Who’s Really Buying Cars Now | Durham News
Despite high gas prices and expensive cars, the auto market’s sales pace remains steady at 16.3 million vehicles annually—thanks mostly to higher-income buyers. Data reveals that households earning over $125K drive more than 40% of big car payments, while those making under $50K contribute less than 20%. With new car averages hitting $50K and monthly payments soaring past $1K, many are turning to smaller, cheaper models. While paychecks are rising for some, buying a car remains a massive financial leap—often the second-largest purchase after a home. The industry’s strength hinges on who can…
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