California still reigns supreme as the number one place Americans registered cars from Nov. 1, 2014, through Oct. 31, 2015. Experian Automotive announced that the Ford F-150 continues to hold the top spot in the light-duty registration for the same period, but the big announcement is the diversification of vehicles registered.
California is a no-brainer for the amount of cars registered in the United States; it’s the largest state in the Nation. If California were a country, we’d be the 34th largest Country in the World with a larger population than Canada or Australia. California is a third larger than Texas, at least until all the businesses have moved to Texas because of California Government’s business taxation.
The Ford F-150 has reigned supreme over all other vehicles registered in the United States for over thirty years and continues to do so this year. “It’s encouraging to see new registrations return to prerecession levels, with lower interest and higher employment rates driving vehicle demand,” said Brad Smith, Experian’s director of automotive market statistics. “While I’m sure the auto industry would like to continue this growth annually, it is important to continually monitor data trends and economic indicators to identify shifts in demand and adjust business strategies accordingly.” Ford, Chevrolet, Toyota, Honda and Nissan held the top five spots in market share in 2015, making up 54 percent of the 17 million new vehicle registrations.
While the volume of registrations has increased back to 2006 levels, the big difference is in consumer purchases, consumer buying habits. Crossovers have exploded to over 100 percent of what they were in 2006, partly because there are so many more crossovers than there used to be, but the growth is impressive and says a lot about what consumers want in a car. The only group that grew were small cars.
Experian Automotive also looked at luxury vehicles. Additionally, the analysis found that 54 percent of consumers who purchase a luxury vehicle do so with a lease, while 30 percent take out a loan and 16 percent pay in cash.
“Given the increased price for luxury vehicles compared with other vehicle segments, it’s understandable that the average buyer has a more affluent background,” said Melinda Zabritski, Experian’s senior director of automotive finance. “That being said, it’s clear that these consumers still are exploring ways to keep their monthly payments low. By choosing to lease vehicles, consumers are able to lower their monthly payments by more than $160 a month.”
Findings from the analysis also show that the top five luxury brands are
Lexus (18.2 percent)
Mercedes-Benz (17 percent)
BMW (16.4 percent)
Acura (9.5 percent)
Audi (9.5 percent)
At the model level, the top five are the
Lexus RX 350 (5.1 percent)
Mercedes-Benz C Class (4.1 percent)
BMW 3 Series (4 percent)
Acura MDX (3.2 percent)
Lexus ES 350 (2.9 percent)
· The average loan amount for a luxury vehicle is $42,876, nearly $14,000 higher than the average new vehicle loan amount
· During the third quarter of 2015, the average monthly payment for a luxury vehicle was $755, approximately $273 higher than the overall average monthly payment for a new vehicle
· Tesla has the highest average monthly payment for luxury vehicles at $1,285, while Acura has the lowest, at $605
· The average monthly lease payment for a luxury vehicle is $592, approximately $194 higher than the average new vehicle monthly lease payment
· The average interest rate for a luxury vehicle is 3.1 percent, compared with 4.6 percent across all vehicle segments
· Sport utility vehicles are the top luxury vehicle body style (46.4 percent), followed by sedans (41.8 percent) and coupés (6.5 percent)
Where do you fit in these numbers?