8/15/2013 - Car buyers spent an all-time high on new purchases last year
Though affordable interest rates have made buying a car less expensive than it could be, motorists still devoted a good portion of their earnings to their automobile last year, especially if they were in the market to buy, a new study illustrates.
According to automotive research and information firm Edmunds.com, car buyers spent approximately $30,800, on average, in 2012 for a new car purchase. That's more than any other year since this type of research has been performed. Additionally, for optional equipment, consumers spent an average of $2,200.
But this price largely didn't come as a surprise to most buyers. The 2013 Car Shopping Trends Report found that when motorists were asked how much they intended to pay for a new car, the average amount stated was $30,500.
A variety of factors go into how auto insurance rates are determined, one of which is whether a car is new or used. Motorists may want to speak with their Selective agent about the car they intend to buy in order to get a rough idea of how much they can expect premiums will be.