As many Americans will be all too aware, the price of just about everything, including vehicles, has skyrocketed over the past year. Indeed, 2021 witnessed the largest 12-month increase for cars in the history of the consumer price index, and prices have continued to increase in 2022. While the market surge has has been great for auto groups, potential buyers have found themselves in the uncomfortable position of having to make compromises on their purchases – either having to travel beyond state boundaries to find the one they have been looking for, or paying more than they had initially budgeted for, or accepting that they have to settle on a make and model that they did not want in the first place.
Figures from a survey of 3,361 car owners commissioned by Quantrell Auto Group appear to confirm that car consumers are faced with either having to spend more; travel or compromise.
First up, the survey revealed that 1 in 5 (20%) car owners in North Carolina reluctantly purchased models that they didn’t initially plan on acquiring. Those North Carolinians who are not prepared to compromise and are holding out for their preferred option, say they are prepared to spend a significant 33% above the MSRP (manufacturer’s suggested retail price) for their vehicle. Considering that the average new car in America sold for $48,043 in 2022 (the highest on record, and the first time it has gone above $48k), means that consumers are willing to spend a whopping $16,024 to secure their dream vehicle.
When these figures were broken down by states, Alaska had the highest number of car owners who admitted they drive vehicles that they didn’t initially want in the first place (80%). Comparatively, this figure was just 11% in New Mexico, where it seems people are a bit more calculated when it comes to their car choices.