More middle-income consumers are opting for newer, used vehicles as the gap grows between lower- and higher-income households. The economy has shifted from a “K-shape” to an “E-shape,” defined by a larger gap between middle and bottom consumer tiers, Heather Long, chief economist at Navy Federal Credit Union, told Auto Finance News. Long defines the highest point of the K or E as the top 20% of consumers with household incomes of or above $170,000. The middle tier, she said, ranges from $50,000 […]
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