A new study by researchers at the University of California at San Diego has found that if you live in a state with a high cost of vehicle ownership, you might have to buy a new car in the near future.
The study, published Thursday in the Journal of Consumer Research, looked at how much a consumer might have been willing to pay for a vehicle that had been on the market for a while.
The researchers found that those who were paying more for their vehicles were less likely to upgrade to a new vehicle in the future.
This study is a first step in understanding why some consumers want a new, less expensive vehicle, said Michael D. Zaslow, an associate professor of economics at UC San Diego.
“It’s a very important step in the conversation about how to improve vehicle affordability,” he said.
This story was updated at 6:45 a.m. to include additional information about the study.