The Automotive Shopper Trends Report
highlights shift in consumer expectations amid rising
interest rates and inflation
SANTA
MONICA, Calif., March 9,
2023 /PRNewswire/ -- TrueCar, Inc. (NASDAQ:
TRUE), the easiest, most efficient and transparent online
destination for buying and selling new and used vehicles, today
released the latest version of its Automotive Shopper Trends Report
(ASTR), a comprehensive look into auto shopper actions and
expectations. Combining nationwide survey results with data from
TrueCar's platform, the ASTR uncovers insights from the latter half
of 2022 on automotive trends for both consumers and dealers.
The report shows that although new car inventory is returning,
high interest rates continue to add to affordability challenges and
influence how consumers approach car buying. Below are some
insights from this edition of the ASTR:
- Despite the economy and high prices, 54% of car shoppers are
facing the current market because they say they need a car
now.
- For the sixth quarter in a row, the average loan term for a
used car was longer than the average loan term for a new car, due
to consumers' desires to keep monthly payments low.
- Consumers are changing their mind during the buying process: 7%
of shoppers who prospected for a new car ended up buying used, a
10% increase since Q1-Q2 2022.
Additionally, the report found that 95% of shoppers want to do
at least some part of their deal online, revealing a new persona:
the omnichannel shopper, a consumer looking to do any amount of
their car purchase online, before going into the dealership. These
shoppers have a variety of traits that define their shopping
experience, including:
- 80% of omnichannel shoppers have a vehicle budget of $50K+
- 76% want the latest technology
- 74% are considering an EV as their next purchase
- 66% plan to lease
"Car buyers and their expectations have changed over the past
few years as the automotive industry continues to shift, especially
with the move toward online marketplaces," said Mike Darrow, President and CEO at TrueCar.
"Consumers are continuing to embrace online shopping to help them
find the vehicle they need, as affordability is emerging as a key
issue affecting future sales."
TrueCar's full report includes deeper car-buying actions and
expectations such as brand preferences, growth in EV demand,
purchasing habits, top-selling features in today's vehicles, and
the used-car market. To download the Automotive Shoppers Trends
Report, visit: https://dealer.truecar.com/astr-year-end-2022.
About TrueCar
TrueCar is a leading automotive digital marketplace that lets
auto buyers and sellers connect to our nationwide network of
Certified Dealers. With access to an expansive inventory provided
by our Certified Dealers, we are building the industry's most
personalized and efficient auto shopping experience as we seek to
bring more of the process online. Consumers who visit our
marketplace will find a suite of vehicle discovery tools, price
ratings and market context on new, used and Certified Pre-Owned
vehicles. When they are ready, shoppers in TrueCar's marketplace
can connect with a Certified Dealer in our network, who shares our
belief that truth, transparency and fairness are the foundation of
a great auto shopping experience. As part of our marketplace,
TrueCar powers auto-buying programs for over 250 leading brands,
including AARP, Sam's Club, Navy Federal Credit Union and American
Express.
For more information, please visit www.truecar.com, and follow
us on LinkedIn, Facebook or Twitter.
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SOURCE TrueCar.com