Pandemic Sharpens Split Between Have and Have-Not Car Buyers
Wednesday January 6, 2021
Bloomberg, Jan. 6, 2021 – 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%.
Toyota Motor Corp.’s Lexus GX midsize SUV, which starts at
$53,000 but hasn’t had a full upgrade in a decade, posted big
gains, and Volkswagen AG luxury brand Porsche had its second
best year in the U.S.