In the next year, a lot of consumers are going to want to save money and invest in a car they can afford, a new report from Panvel, a car-search site, predicts.
It predicts that by 2025, nearly one in five consumers are spending $1,000 or less on a new vehicle, and that number is expected to grow to one in 10 by 2035.
That means a new car costs less than the average U.S. household will pay for it in 2021.
And that means a lot less money to spend on the car itself.
“When you think about buying a new high-end vehicle, you can go and get a car for a lower price,” said Michael D. Hernández, senior vice president of marketing at Panvel.
“In some ways, we’re in a very competitive market for these cars.
In other ways, the market is even more saturated.
But when you’re looking at a low budget, you want to be able to have that peace of mind that you’re not going to end up paying a lot more than you are going for the car.”
Hernáldez, who is also the president of the American Society of Automotive Engineers, believes that if consumers can save money on a car, they can also save money by not buying new ones.
“If they’re saving for the down payment, they’re not buying a car with that down payment,” he said.
“They’re buying a vehicle that they can just get on the road.
And by the time they get to the end of the year, they have a vehicle.”
Panvel analyzed the average cost of a new 2017 Chevrolet Camaro, Chevrolet Camry, Chevrolet Impala, GMC Sierra, GMP Chevrolet, GMT Sierra, Cadillac ATS and Buick Enclave.
The average cost includes about half the vehicle’s price and half the manufacturer’s advertised price.
For example, the GMP Camaro starts at $25,900 and includes $1.9 million in financing.
The Cadillac A, which started at $38,900, includes $4,800 in financing and includes the manufacturer price.
The Buick is $39,900 with $1 million in finance.
“The average car price in 2025 is going to be a lot lower than it is in 2020, but that doesn’t mean consumers are not going buy cheaper cars,” said D.J. Kline, a senior analyst at Pan, in an interview with Business Insider.
“When we look at that price of a vehicle, there are going be very few people who are going, ‘Oh, I’m not going,’ or ‘I’m going to spend less on this vehicle.'”
The report also predicts that the price of new vehicles will continue to rise over the next decade, reaching $2.3 million in 2025.
That’s the equivalent of about $25 a month, or nearly $1 a month for the average consumer.
That represents a 35% increase from 2021 to 2025.
The report predicts that there will be roughly 30 million vehicles sold in 2025, with almost 40 million of those being luxury and high-performance cars.
The most popular vehicle will be a new Toyota Camry sedan, which will be the most expensive car in 2025 at $28,000.
The new Lexus ES 350 sedan will be next, with an average price of $39.1 million.
That car, along with a Cadillac A and Buicks Enclave, will be priced the highest at $52,000 and $47,000, respectively.
The least popular vehicles are the new Cadillac A3 sedan and a Cadillac Escalade.
The Escalades, which are currently priced at $45,000 for the base model and $48,000 with the optional all-wheel drive package, will start at $42,500 and $42.6 million in 2021, respectively, for the midsize and premium trim.
The study also predicts a rise in the average selling price of vehicles in the luxury segment, which is the price for a car that costs more than $150,000 in a year.
It estimates that the average price will be $1-1.5 million in 2022, which amounts to roughly $2 a month in 2021 for the luxury market.
It’s a dramatic change from the average annual price of about half of all cars sold in 2021 of $60,000-$75,000 a year, according to Pan.
The most popular luxury cars in 2021 will be Audi Q7 and BMW X5.
Audi’s new Q7 will be one of the most sought-after cars in the world.
BMW is expected also to launch a new luxury sedan in 2021 called the X5 XC.
The X5, which costs $55,000 on the U.K. market, will also be the highest-selling luxury car in