• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar

UpMoney

For People with Money

  • Invest
  • Save
  • Spend
  • General
  • About
  • Disclaimers

experian

Wow: Only 16% of Luxury Car Buyers Pay Cash

December 11, 2015 by Andrew 3 Comments

An Experian study says the Lexus RX 350 is the most-purchased luxury vehicle.

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.

Filed Under: Spend Tagged With: car leasing, experian, luxury cars

Primary Sidebar

About UpMoney®

Welcome to UpMoney®, the site for people with money. Get answers to the difficult questions that come with having money — investing, savings and spending.

  • Facebook
  • RSS
  • Twitter

Recent Posts

  • My first loss on PeerStreet
  • 5 Reasons Why You Shouldn’t Buy a Tesla
  • Buying (and returning) a used car through Carvana
  • Why I stopped investing in LendingClub notes
  • Earning great returns with real estate-backed loans on PeerStreet
© 2022 Whittier Media, LLC. UpMoney® is a registered trademark of Whittier Media.