Nearly half of upcoming auto buyers plan to spend less than $30,000 on their next vehicle, according to a Cars.com study offering a glimpse into consumers' financial mindset going into a car deal.
"The compounding effects of inventory shortages, economic uncertainty and industry challenges have made value one of the most sought-after features in a vehicle," Cars.com News Editor Jane Ulitskaya said in a statement. "Electric vehicles and new technologies will continue to dominate the media and capture our attention but affordability is the trend that's propelling today's car shoppers."
Cars.com's January survey of 992 people intending to buy a vehicle in 2023 found 54 percent planned to purchase new vehicles, while 24 percent planned to buy used vehicles. The other 22 percent said their answer depended on vehicle availability. Seventy-six percent of used-car buyers want a vehicle no more than 5 years old.