What do you want for Christmas? 66 percent of Americans want a car, study shows
Those who are struggling to find a present for their family members may be shocked to find out all their loved one wants is a new car. Even though it may not be a feasible option for all American families, there has been an increase in number of people who are secretly hoping for a new car this holiday season.
A new survey conducted by Auto Alliance of 5,000 consumers reported that only 17 percent of people have bought a car to give to someone in their lifetime. However, 65 percent indicated that they would like to receive a car as a gift this year – and this has something to do the state of their current vehicle.
"The average age of vehicles on U.S. roads is a historic high of 11 years. So we see pent up demand for new vehicles, and when this is coupled with low credit rates, auto sales have been more robust than the general economic recovery," said Mitch Bainwol, president and CEO, Auto Alliance. "Our consumer polling shows that many Americans have their noses pressed against the front windows of car dealerships, hoping someone thinks they have been good this year."
Americans aren't exactly being subtle with what they want either, as 25 percent keep reminding their loved ones how old their car is, while another 17 percent would mention something while holiday-related car advertisements were playing on TV. People do not want to be too surprised, however, as the survey also showed that 63 percent would want to help picking out the car, while only 25 percent said they would rather be surprised.
If you are are considering purchasing a car for either your teenage child or a significant other, you may want to keep a few things in mind. You should try to make a cash down payment while also setting up financing before buying a car. If you are getting a vehicle for your offspring, you may want to set it up so you are the co-signer with the car loan. Your youngster may qualify for a better loan rate if you put your name down as well, and the responsibility of repaying the loan can teach them important lessons about building credit and managing finances – gifts that keep on giving.