Study Points to Shift Away From New Car Ownership
New study from Autolist.com demonstrates that new car sales from OEMs might be in trouble for the long haul
San Francisco — June 7, 2017 — The buyer intelligence firm Autolist.com today released a study that shows buyers shifting away from new cars.
The analysis, based on Autolist.com’s survey of over 9,000 vehicle owners, shows that 38% of buyers plan to buy a used vehicle, compared to 34% who plan to buy new and 27% who are currently not sure.
For individuals under 40 years old, 53% buyers buy a used car next time around.
Moreover, younger generations not only want to buy used, but also plan to own their vehicles for a shorter amount of time; 60% of centennials and 47% of millennials plan to own their next car for under five years.
However, not all automakers are seeing their new car buyers move to used vehicles.
Some automakers, such as Cadillac and Audi, are in luck; over 75% of their buyers plan to own their vehicles for less than five years and then buy a new vehicle again.
Others, such as Subaru, may also be able to count on buyers returning, but at a later point in time; 73% of owners plan to own their car for over five years and then buy new again.
As a result, the study suggests that the sluggish start to 2017 might be the beginning of a new normal for new car sales.
Check out “Troubling Trends for New Car Ownership” and Autolist’s other recent studies and analyses.