A new survey by the American Affluence Research Center (AARC) finds the wealthiest 10% of American households are cutting back on spending, including new-vehicle purchases.
AARC says just under 28% of respondents expect to buy or lease a new vehicle in the next 12 months, down from 31% six months ago and 32% one year ago. However, one-third of households with incomes over $200,000 and those with a net worth of more than $1 million do plan to buy or lease a new vehicle, the survey shows.
Of households with incomes less than $200,000, only 24% plan on getting a new vehicle, AARC says. Only 25% of households with income less than $1 million will buy a new vehicle, according to the survey.
AARC polls affluent Americans semi-annually. All respondents had a net worth of at least $500,000, average household income of $268,000 and average net worth of $2.5 million. Assets available for investment averaged $1.1 million.