A survey conducted by Santander Holdings USA, attempting to probe the status of middle-class households over the last twelve months, has reported that over half are actively delaying new-vehicle purchases. While the study is broad in scope, encompassing some similarly bleak news about home buying, the two issues seem closely related as rising costs don’t appear to be doing the economy any favors.
With 77 percent of the middle-class respondents saying they need a vehicle in order to get to work, one would assume that the demographic is one the automotive sector can rely on for business. However, 52 percent of the households Santander questioned stated that they have delayed purchasing a new vehicle within the past year due to cost. But the cost isn’t limited to rising car prices and swollen interest rates.
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