Lack of affordability major deterrent
Why did many buyers not have SUVs on their radar? Their lack of interest largely derived from what they sell for, typically costing more than prototypical passenger vehicle, the report revealed. Interestingly, respondents in the survey also shied away from them because they weren’t large enough for their growing families or their extracurricular activities where extra cargo room is needed.
Dave Sargent, J.D. Power vice president of global automotive, said recent economic trends have some buyers jumping aboard the SUV train, but not for everyone.
“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,” he explained. “However, since consumers, on average, pay a 9 percent premium for an SUV compared with a comparably equipped sedan, many consumers still are not considering an SUV.”
Full-size SUVs cost upwards of $50,000
Indeed, the average transaction price for a new full-size SUV in December was $60,700, according to vehicle valuation firm Kelley Blue Book, up 1 percent from the same period last year and over $25,000 more than a full-size car.