Only 24% of car buyers considered buying an SUV in a year in which total retail sales of SUVs comprised 42% of the market. Only five years ago, SUVs made up just 34% of the market.
“Low fuel prices, favorable lease deals and the availability of low-interest loans are attracting buyers to SUVs, which historically are more expensive than most car models,” said Dave Sargent, vice president of global automotive at J.D. Power. “However, since consumers, on average, pay a 9% premium for an SUV compared with a comparably equipped sedan, many consumers still are not considering an SUV.”
SUV buyers are more likely to purchase their vehicle for its cargo capacity, compared with car buyers (42% vs. 20%, respectively); 4WD/AWD capability (48% vs. 9%); and safety (45% vs. 38%). It’s notable that, in the J.D. Power 2016 APEAL Study,SM SUV owners rate the “feeling of safety when driving the vehicle” higher than car owners.
Source: Yahoo Finance