An Experian study says the Lexus RX 350 is the most-purchased luxury vehicle.
Credit agency Experian released data this week about luxury car buying, and I’m a bit surprised by one statistic: only 16% of luxury car buyers pay cash.
It turns out that the majority of luxury vehicle buyers lease their vehicles. 54% lease and 30% get a loan.
While general financial wisdom is that you should buy rather than lease a vehicle, there are plenty of circumstances where this isn’t true. Even taking out a loan can make sense depending on the rate and your alternative use for the cash. Still, the fact that 84% of luxury car buyers lease them or get a loan suggests that many car buyers should probably look at a less expensive car.
Here are other interesting facts from Experian:
- The average loan on a luxury car is $42,876.
- Tesla has the highest average monthly payment of $1,285. (Leases are expensive, too, and consider buying a used one.)
- The average monthly lease payment for a luxury vehicle is $592.