News Coverage
Higher new-vehicle prices are juicing used-car market, study says
Friday April 19, 2019
Article Highlights
- Last year, nearly two in three car buyers shopped primarily in the used-vehicle market amid inflating new-vehicle payments, according to Cox Automotive's 2019 Car Buyer Journey study.
- New-vehicle payments increased at twice the rate of used-vehicle payments last year. A continued shift to used vehicles is good news for independent and franchised dealers with large used-vehicle inventories, but it means "tougher times for the manufacturers," according to Isabelle Helms, vice prudent of research and market intelligence, Cox Automotive.
- More than 60 percent of respondents said that their purchase experience was the same or worse than the last time they bought a vehicle.
Automotive News, April 19, 2019 — As new-vehicle prices rise, more consumers continue to shift to the used-vehicle market, according to a Cox Automotive study.
In another finding, the study said new- and used-vehicle customers who handle at least part of the process online are more satisfied with their overall dealership experience.
Last year, nearly two in three car buyers shopped primarily in the used-vehicle market amid inflating new-vehicle payments, according to Cox Automotive’s 2019 Car Buyer Journey study.
New-vehicle payments increased at twice the rate of used-vehicle payments last year. The average monthly payment on a new vehicle rose 4 percent from 2017 to $547.75, according to Cox. For used vehicles, the average monthly payment rose 2 percent to $411.04.