Pandemic Sharpens Split Between Have and Have-Not Car Buyers
- Average new-car price tops $40,000 for first time in December
- Truck and SUV sales rebound as entry-level cars languish
Pandemic lockdowns have cost millions of low-income Americans their jobs, while white-collar types who work from home are flush with cash they can’t spend on dining or travel. Instead, many of them are buying expensive cars.
High-end trucks and sport utility vehicles are flying off dealer lots, but sales of entry-level compact cars and crossovers remain depressed. General Motors Co.’s premium people haulers like the Chevrolet Tahoe and GMC Yukon SUVs saw deliveries rise more than 30% in the fourth quarter, but sales of the more affordable Chevy Equinox crossover sank 22%.