Why the world has a car fetish
Cars are now the most popular hobby for men in America.
According to a new study from Consumer Reports, car lovers spent nearly $100 billion on the sporty machines.
While most of the spending was for luxury cars, the study found that nearly $50 billion went for new cars and trucks.
Some of the vehicles that were most popular were the Ford Ranger pickup, the Jeep Wrangler, the Chevrolet Suburban and the Jeep Cherokee.
A similar study from Automotive News found that the popularity of the pickup was strongest in the Midwest and Southeast.
While men like to own a variety of vehicles, a growing number of women also want a vehicle that fits their lifestyle.
According the study, 43 percent of American women aged 20 to 24 said they wanted a new vehicle for the holidays.
A third of those women said they would consider purchasing a new car, while a fifth said they were considering buying a new SUV or a pickup truck.
The study also found that women were more likely to want a new luxury vehicle than a new home.
The most popular vehicles in terms of popularity were the Lincoln MKS, Ford Ranger and Jeep Wranglers, the Consumer Reports study said.
The number of vehicles purchased by women has grown steadily since 2005, when the first annual survey was conducted, according to the organization.
More than half of all women aged 18 to 34 said they bought a vehicle for their family.
The report also found women are now more likely than men to own vehicles, although they were not more likely for the most common reasons: they own a car to drive to work, a car they want to use for errands or to go out on a weekend trip.
The study also said women were also more likely if they were a recent college graduate, had a college degree and owned a car.
Women are also more inclined to buy a vehicle from a dealer, the report said.
A new study released Tuesday by the Consumer Protection Bureau of the U.S. Department of Transportation found that a third of U.s. households were unable to afford a new automobile for the holiday season.
The survey of 1,000 consumers was conducted in late December and found that 40 percent of those surveyed said they did not have the money for a new purchase, compared to 27 percent who said they had enough money for their purchase.
The Consumer Protection bureau said the new survey findings show the recession is putting a burden on the economy.