News Coverage
Amid high new-car prices, used-car consideration climbs
Monday April 15, 2019
Article Highlights
- The percentage of buyers focusing on used vehicles is now 64% — and the struggle around new-vehicle affordability is a major reason why.
- Cox Automotive analysts said that, “consumers continue to be frustrated by new-vehicle prices and are more likely than ever to be shopping for used vehicles.”
- Used-car buyers are also cutting down on the time they spend shopping — and more so than their new-car counterparts.
Auto Remarketing, April 15, 2019 — Two years ago, 59% of vehicle shoppers were focused on used cars.
According to the 2019 Cox Automotive Car Buyer Journey study, that number is now 64% — and the struggle around new-vehicle affordability is a major reason why.
The numbers reflecting used-leaning shoppers include those that are either A) only shopping for used cars and B) those that are primarily shopping for used, but browsing some new.
The number of total shoppers only considering used has climbed from 23% to 28% in the last two years, according to the study.
(The consideration numbers included these categories: Used Only; Primarily Used, Some New; Primarily New, Some Used; and New Only. It excluded shoppers who were not sure).
In a news release recapping the study, Cox Automotive analysts said that, “consumers continue to be frustrated by new-vehicle prices and are more likely than ever to be shopping for used vehicles.”