Itês December. Whoês buying luxury vehicles?
For the past five years, December has been the biggest month for luxury auto sales, says a new study from Experian Automotive. Who are these luxury buyers?
Individuals who earn more than $100,000 per year are 66 percent more likely to buy a luxury vehicle. Consumers older than 40 are 8 percent more likely, and men are 4 percent more likely. The average credit score for a luxury vehicle buyer is 746, which is 36 points higher than the score for an average new car buyer. More than half lease their luxury vehicle; just 30 percent take out a loan.
The top luxury brands by sales are Lexus, Mercedes-Benz, BMW, Acura and Audi. The top models are the Lexus RX 350, Mercedes C Class, BMW 3 Series, Acura MDX and Lexus ES 350.
Other findings from the study:
« The average loan amount for a luxury vehicle is $42,876, nearly $14,000 higher than the average new vehicle loan amount.
« In the third quarter of 2015, the average monthly payment for a luxury vehicle was $755, about $273 more than for a new vehicle overall. The average luxury lease payment was $592 versus $194 for an average new vehicle.Download Bulletin PDF