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39 Interesting Car Buying Statistics, Trends, & Analysis

car buying statistics

Revealed Dec 12, 2018 

Automotive Gross sales Statistics for 2018

There are a number of tendencies in automotive gross sales which might be value noting. Passenger automotive gross sales are dropping, whereas SUV’s and crossovers are growing in gross sales for 2018. One other development we’re beginning to see is how the general public is turning into extra acceptant of self-driving automobiles in comparison with 2017. Nevertheless, most shoppers are nonetheless not prepared to pay additional for this function or for electrical automobiles. This is sensible as a result of most shoppers are nonetheless out there for a standard gasoline/diesel sort engine.

  1. Common Motors is presently ranked as the highest automotive maker in america in 2018 with a market share of 16.48%. Adopted by Toyota Motor Corp. with 14.72%, then Ford with 14.44%. (Goodcarbadcar)
  2. Passenger automotive gross sales dropped under 30% of the market share in August 2018 for the primary month ever. (USA Immediately)
  3. Gross sales of mid-size (15.6% lower) and compact automobiles (13.6% lower) fell in August 2018, whereas compact crossovers and SUV’s rose about 14.eight% of the market share. (USA At present)
  4. 47% of individuals in United States assume absolutely self-driving automobiles won’t be protected in 2018, in comparison with 74% in 2017. (Deloitte)
  5. 38% of individuals in america are unwilling to pay the additional cash for automobiles outfitted with a self-driving function. 33% of individuals are unwilling to pay additional for electrical automobiles. (Deloitte)
  6. 80% of shoppers in america nonetheless choose gasoline/diesel as their engine sort, 15% favor hybrid electrical, and solely three% want battery electrical. (Deloitte)
  7. Business specialists predict that the typical digital advert expenditure for the automotive business will exceed $14 billion by 2020. (Oppmax)

Automotive Shopping for Shopper Statistics and Developments

Millennials and child boomers are each utilizing a digital platform as a software to analysis earlier than buying. A majority of the time spent researching is completed on-line now, however a brick and mortar dealership continues to be very worthwhile. A majority of shoppers nonetheless need to both check drive or see the automotive in individual earlier than making their remaining choice. Since a variety of the analysis is completed by the buyer, they may type their very own opinions earlier than getting into the dealership. Auto dealerships and producers want to take care of a constant message on-line and at their bodily location.

  1. 58% of drivers anticipate to make use of their present car till the final mile earlier than buying one other. (Oppmax)
  2. Over 66% of shoppers in United States take lower than three months and spend lower than 10 complete hours of analysis for his or her automotive buy in 2018. (Deloitte)
  3. Automotive consumers on common spend 14:29 hours purchasing for a automotive. 61% of it’s accomplished on-line, whereas 21% of it’s carried out on the dealership. (Cox Automotive)
  4. Millennials spend on common 16.9 weeks for his or her buy choice versus Child Boomers who tackle common 15.7 weeks. (V12Knowledge)
  5. eight out of 10 consumers have to see the car in individual, and seven out of 10 buyers need to check drive earlier than buying car. (Deloitte)
  6. 75% of all automotive consumers reported that they intend to buy their prime of thoughts model, or the very best high quality model by means of unaided consciousness. High quality is far more necessary than amount. (Nielsen)
  7. Solely 55% of OEM/Model websites and 53% of vendor web sites have met shopper expectations. This consists of expectations for in-dealer digital instruments, supplier/producer communications, and digital help for trade-in, configurations, or pricing instruments. (Deloitte)
  8. Clients who lease a automotive from Enterprise Holdings’ manufacturers are 55% extra probably than the typical shopper to buy a brand new car inside 6 months of rental. (Wharton)

Purchaser Demographics and What They Need

Shoppers over the age of 40 make up a majority of automotive consumers in 2018. To distinction that, the share of automotive possession amongst 18-34 yr olds has been reducing for a while now. Regardless if it’s a used automotive or new, shoppers in 2018 worth Bluetooth/USB connectivity as a function for his or her subsequent car.

  1. The highest three options shoppers are on the lookout for in a brand new automotive are security (21%), Bluetooth/USB connectivity (15%), and a spacious inside (11%). (Crimson Hexagon)
  2. The highest three options shoppers are in search of in a used automotive are Bluetooth/USB connectivity (31%), low miles (28%), and automated transmission (17%). (Crimson Hexagon)
  3. Shoppers over the age of 40 account for 75% of all new automotive gross sales. (Nielsen)
  4. 38% of millennial shoppers say that might seek the advice of social media in making their subsequent automotive buy. (Wharton)
  5. Automotive possession amongst 18-34 yr olds has dropped 30% up to now 5 years. Because of the rising worth of cars and alternatives with journey sharing providers. (Forbes)
  6. Boomers watch 154% extra reside TV than millennials, and millennials spend 173% extra time on TV-connected units. Millennials spend extra time on their computer systems and cellular units. (Nielsen)

Automotive Shopping for Shopper Habits

A majority of shoppers have no idea what automotive to purchase when beginning their buy course of. They may resort to third get together websites over producer or dealership websites. Auto dealerships might need to focus in on loyalty packages; clients are likely to return to the dealership the place they beforehand bought a car. Totally different demographics take a look at automotive pricing in a different way, some view the month-to-month prices as being extra helpful in comparison with the entire worth.

  1. 60% of buyers are not sure of which automotive to purchase when beginning analysis on their subsequent car. (Tubular Insights)
  2. 61% (55% within the earlier yr) of complete consumers in 2018 NEED a brand new car versus 39% (45% within the earlier yr) that WANT a brand new car. (Cox Automotive)
  3. Automotive consumers spend 62% of their time spent on numerous websites on third celebration websites, adopted by 13% on OEM/Producer websites, and 12% on dealership websites. (Cox Automotive)
  4. 67% of shoppers go to just one or two dealerships earlier than making a purchase order. (Netsertive)
  5. 49% of the preliminary contact with a dealership is completed by way of walk-ins. 26% by way of telephone, and 17% via e-mail. (Cox Automotive)
  6. 53% of automotive consumers search for month-to-month cost info first, whereas 47% take a look at the full worth of the car. Usually, females, youthful age teams, decrease revenue shoppers, and people with youngsters usually tend to be considering month-to-month cost worth. (Cox Automotive)
  7. 40% of consumers bought/leased from the identical dealership the place they beforehand made their choice. In comparison with 34% in 2017. (Cox Automotive)

Digital Aspect of Automotive Shopping for Course of

Most shoppers want to do their very own analysis on-line and a majority of the time they’re researching automotive costs. They’re utilizing shopper evaluations, search engines like google, and supplier web sites to affect their choice. YouTube is turning into a extremely popular useful resource for potential automotive consumers. Auto dealerships and producers ought to make the most of YouTube movies to be able to affect and convert their clients on-line, the place a majority of their time is spent. A variety of shoppers use their cellular units to analysis, so a user-friendly and constant net presence is necessary.

  1. 83% of automotive buyers anticipated that on-line shopping for know-how would assist with their buying determination. 80% stated they might probably use some type of on-line cost. (Wharton)
  2. The very best on-line exercise carried out by on-line automotive consumers is researching automotive costs with 71%. (V12Knowledge)
  3. 70% of people that used YouTube as a part of their automotive shopping for course of have been influenced by what they watched. That is a lot greater than TV, newspapers, or magazines. (Tubular Insights)
  4. Time spent watching check drives, options and choices, and walkthroughs, has doubled on YouTube up to now yr. (Tubular Insights)
  5. 22% of consumers buy the make and mannequin of the automotive they first searched. (Tubular Insights)
  6. 62% of purchasers would fairly spend time on-line researching, in comparison with 29% that would like to talk to gross sales individual. (Oppmax)

Dealership Expertise and Developments

The general angle by shoppers of dealerships is disappointing. Shoppers both don’t belief the dealership or they assume the method takes too lengthy. This may be resolved by the auto dealership implementing a pressure-free buying expertise paired with clear pricing. They might additionally present choices for digital buying, which many shoppers would like. Dealerships are nonetheless extremely priceless to shoppers although. Although they don’t belief dealerships, shoppers would slightly negotiate in individual than on-line.

  1. 67% belief that the dealership gave them the perfect deal. This may be elevated by way of easy, pressure-free purchasing and clear pricing. (Cox Automotive)
  2. 46% satisfaction degree for a way lengthy the automotive shopping for course of takes on the dealership. 59% satisfaction degree for interactions with the financing division. This may be fastened via shortening the acquisition making course of, loyalty retention, and choices for digital buying. (Cox Automotive)
  3. 1 in four consumers are unaware of the F&I services provided by dealership. For instance, 84% of shoppers weren’t conscious that their dealership provided misplaced or stolen key alternative. (Cox Automotive)
  4. 76% of shoppers consider they will get a greater worth via negotiations in-person vs on-line. (Retail Dive)
  5. 72% of shoppers would go to a dealership extra typically if the shopping for course of was improved. 54% of shoppers would purchase from a dealership that gives a greater expertise, even when they didn’t have the bottom worth. (V12Knowledge)

Automotive shoppers are more and more turning to digital platforms to analysis and get pricing on automobiles, however nonetheless need to see a automotive in individual earlier than committing.   Digital analysis is not carried out solely on producer and auto business web sites as shoppers flip to social media and YouTube to get neutral opinions from business outsiders.    To see the place the auto business and shopping for patterns are headed, take a look at my predictions on auto business developments for 2019 and past.

 

Sources:

http://www.goodcarbadcar.net/2018/10/u-s-auto-sales-brand-rankings-september-2018-ytd/

https://www.usatoday.com/story/money/cars/2018/09/04/august-us-auto-sales/1188847002/

https://www2.deloitte.com/us/en/pages/manufacturing/articles/automotive-trends-millennials-consumer-study.html

https://oppmax.com/blog/digital-marketing-stats-every-auto-dealer-know/

https://b2b.autotrader.com/oem/wp-content/uploads/2018/03/2018-Cox-Automotive-Car-Buyer-Journey-Brochure.pdf

https://www.v12data.com/blog/infographic-25-super-charged-stats-on-what-drives-car-shopping-consumers/

https://www.nielsen.com/us/en/insights/reports/2018/auto-marketing-report-2018-automotive-media-strategy-car-buying-path-to-purchase-intent-awareness-measurement.html

http://knowledge.wharton.upenn.edu/article/demographic-shifts-shaping-future-car-ownership/

https://www.crimsonhexagon.com/blog/what-consumers-look-for-in-a-new-or-used-car/

https://www.forbes.com/sites/pamdanziger/2018/09/06/9-demographic-trends-shaping-retails-future/#330f95fc7b00

https://tubularinsights.com/70-percent-car-buyers-influenced-youtubeube-for-research-are-influenced-by-video/

https://blog.netsertive.com/new-study-finds-car-buyers-visit-fewer-dealerships

https://www.retaildive.com/press-release/20181107-jumpstart-automotive-media-offers-new-insights-on-the-dealership-experience/

 

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