Interesting to see a general inverse correlation between income and new car purchases. Households with top incomes have a lower proportion of new vs used car purchases, and the lowest end of the income spectrum has a higher proportion of new vs used car purchases.
Perhaps this is further evidence that the rich live as though they were poor, and the poor live as though they are rich.
While cars are still seen as a powerful status symbol, I would imagine the car culture of days past placed a higher priority on owning a cool new car. There are many other things competing with the car as a status symbol now days. It's difficult to own a new car when making payments on the latest iPhone, iMac, iPad, iPod, and ...
iRack