How Many Cars Does a Family Own on Average?
The Experian Automotive carried out a study and it was found that almost 35% of households actually own three or more cars. This is a sign that most U.S. citizens tend to depend very much on their own vehicles rather than using the public transportations, although as reported in The Economist, they are not at the top with regards to cars per person.
According to the national results, it was discovered that the average number of cars per household was 2.28. Households with two cars were found being listed at the bottom, representing 31%. The second place went to households with one vehicle which was 34%. The first place went to households using three or more vehicles, which was 35%.
The results were found to be different when the percentage was based on state per state and region per region basis. While in average every household owned at least three vehicles, in Washington D.C. most people only had one vehicle per household, and the number represented nearly 63%. South Dakota, on the other hand, was found to have residents with better purchasing power and this explains why almost 13% of the households owned 5 cars or more.
Based on the study, it was also discovered that there was an increase in the number of cars owned per household. Additionally, there was a shift in the kinds of cars being used as well. Those who were driving local cars made up almost 40% in the category of 2 cars per household. Another feature was a very large percentage of those cars were bought with car finance rather than outright. When looking at those who were using 3 – 4 cars per household, it was found that many of them tend to own a mix of local and foreign cars making up almost 50% for local cars and nearly 60% for foreign cars.
Those that owned brand new vehicles only were found to fall in the 2-car category, carrying out almost 44%. For those that were using more than five cars, most households were found to have a mix of new and second-hand cars, making up 60% for those owning 3 cars and 70% for those owning 4 cars or more.
For those who had at least two cars, many of them preferred to have at least one pick-up truck and a medium ranged car. For those having an SUV, almost 25% of them were found to have a pick-up truck as well. Interestingly, it was found that those belonging in the one-car category came from both low and high income earners. About 35% of households earning at least $250K per annum were found having one car and the percentage was almost the same as those earning between $25K to below $35K.
As a conclusion it was found that most U.S. residents value the importance of having two or more vehicles at home. Overall, the finding helps car producers, buyers, creditors and dealerships in coming up with the most beneficial decisions when it comes to purchasing and selling of cars. It is hoped that these groups are able to comprehend the current market situation and know how to calculate any associated risks. At the same time it is also hoped that dealers should be able to bring in more buyers and consumers can be rest assured that they are buying the best products.