CarGurus Study Uncovers Shift in Car Shopper Sentiment as Prices and Selection Improve
CarGurus (CARG) released its seventh annual U.S. Consumer Insights Report, revealing improved car shopper sentiment amid better pricing and selection. New car inventory increased 31% year-over-year, while average used car prices decreased by 3%. The study shows 79% of buyers were satisfied with their car buying experience, with 35% being extremely satisfied (up from 28% in 2023).
Key findings include a decline in need-based purchases (62% vs 67% in 2023), increased preference for online research with 90% of buyers researching vehicles online (up from 81%), and 80% wanting to do more from home. Despite high interest rates, only 11% of buyers were deterred from financing (down from 16%). The study surveyed 3,150 recent car buyers and sellers, providing insights into consumer behavior and preferences in the automotive market.
CarGurus (CARG) ha pubblicato il suo settimo rapporto annuale sulle informazioni dei consumatori negli Stati Uniti, rivelando un miglioramento del sentimento dei compratori di auto grazie a migliori prezzi e selezione. Le scorte di auto nuove sono aumentate del 31% rispetto all'anno precedente, mentre i prezzi medi delle auto usate sono diminuiti del 3%. Lo studio mostra che il 79% degli acquirenti era soddisfatto della propria esperienza di acquisto, con il 35% estremamente soddisfatto (rispetto al 28% nel 2023).
I risultati chiave includono un calo degli acquisti basati sulle necessità (62% rispetto al 67% nel 2023), un aumento della preferenza per la ricerca online, con il 90% degli acquirenti che effettua ricerche su veicoli online (in aumento rispetto all'81%), e l'80% che desidera fare di più da casa. Nonostante i tassi di interesse elevati, solo il 11% degli acquirenti è stato scoraggiato dal finanziamento (rispetto al 16%). Lo studio ha intervistato 3.150 acquirenti e venditori di auto recenti, fornendo informazioni sul comportamento e le preferenze dei consumatori nel mercato automobilistico.
CarGurus (CARG) lanzó su séptimo informe anual sobre las percepciones de los consumidores en EE. UU., revelando una mejoría en el sentimiento de los compradores de autos debido a mejores precios y selección. El inventario de autos nuevos aumentó un 31% interanual, mientras que los precios promedio de los autos usados disminuyeron en un 3%. El estudio muestra que el 79% de los compradores estaba satisfecho con su experiencia de compra, con un 35% extremadamente satisfecho (aumento del 28% en 2023).
Los hallazgos clave incluyen una disminución en las compras basadas en necesidades (62% frente a 67% en 2023), un aumento de la preferencia por la investigación en línea, con el 90% de los compradores investigando vehículos en línea (un aumento del 81%), y el 80% deseando hacer más desde casa. A pesar de las altas tasas de interés, solo el 11% de los compradores se sintió disuadido de financiar (bajando del 16%). El estudio encuestó a 3,150 compradores y vendedores de autos recientes, proporcionando información sobre el comportamiento y las preferencias de los consumidores en el mercado automotriz.
CarGurus (CARG)는 미국 소비자 인사이트 보고서의 제7차 연례 보고서를 발표하며, 더 나은 가격과 선택 덕분에 자동차 구매자의 감정이 개선되었다고 밝혔습니다. 신차 재고는 전년 대비 31% 증가했습니다, 반면 평균 중고차 가격은 3% 감소했습니다. 연구에 따르면 79%의 구매자가 자동차 구매 경험에 만족했습니다, 이 중 35%가 매우 만족한다고 응답했으며 (2023년에는 28%였습니다).
주요 발견 사항으로는 필요에 기반한 구매가 감소한 것으로 나타났습니다 (62% 대 2023년 67%), 온라인 조사를 선호하는 비율이 증가하여 90%의 구매자가 온라인에서 차량을 조사하고 있으며 (2023년에는 81%), 80%가 집에서 더 많은 일을 하기를 원하고 있습니다. 높은 금리에도 불구하고, 단지 11%의 구매자만이 자금 조달을 주저했다고 보고되었으며 (2023년 16%에서 감소했습니다). 이번 연구는 최근 3,150명의 자동차 구매자와 판매자를 조사하여 자동차 시장에서의 소비자 행동 및 선호도에 대한 통찰을 제공했습니다.
CarGurus (CARG) a publié son septième rapport annuel sur les tendances des consommateurs aux États-Unis, révélant une amélioration du sentiment des acheteurs de voitures grâce à de meilleurs prix et une meilleure sélection. Les stocks de voitures neuves ont augmenté de 31% d'une année sur l'autre, tandis que les prix moyens des voitures d'occasion ont diminué de 3%. L'étude montre que 79% des acheteurs étaient satisfaits de leur expérience d'achat de voiture, avec 35% d'entre eux étant extrêmement satisfaits (contre 28% en 2023).
Les principales conclusions incluent une baisse des achats basés sur le besoin (62% contre 67% en 2023), une préférence accrue pour la recherche en ligne avec 90% des acheteurs effectuant des recherches sur les véhicules en ligne (en hausse par rapport à 81%), et 80% souhaitant faire plus de choses depuis chez eux. Malgré les taux d'intérêt élevés, seulement 11% des acheteurs ont été dissuadés de financer (en baisse par rapport à 16%). L'étude a interrogé 3 150 acheteurs et vendeurs récents de voitures, fournissant des informations sur le comportement et les préférences des consommateurs sur le marché automobile.
CarGurus (CARG) hat seinen siebten jährlichen U.S. Consumer Insights Report veröffentlicht, der verbesserte Stimmung bei Autokäufern angesichts besserer Preise und Auswahl zeigt. Der Bestand an Neuwagen ist im Jahresvergleich um 31% gestiegen, während die durchschnittlichen Preise für Gebrauchtwagen um 3% gesunken sind. Die Studie zeigt, dass 79% der Käufer mit ihrem Autokauf zufrieden waren, wobei 35% extrem zufrieden waren (im Vergleich zu 28% im Jahr 2023).
Wichtige Ergebnisse umfassen einen Rückgang der bedarfsorientierten Käufe (62% vs. 67% im Jahr 2023), eine zunehmende Präferenz für Online-Recherche, da 90% der Käufer online nach Fahrzeugen recherchieren (ein Anstieg von 81%), und 80% mehr von zu Hause aus erledigen möchten. Trotz hoher Zinssätze wurden nur 11% der Käufer bei der Finanzierung abgeschreckt (ein Rückgang von 16%). Die Studie befragte 3.150 kürzlich erworbene Autos und Verkäufer, um Einblicke in das Verbraucherverhalten und die Präferenzen im Automobilmarkt zu bieten.
- New car inventory increased 31% year-over-year
- Used car prices decreased 3% year-over-year
- Buyer satisfaction increased to 79%, with extremely satisfied buyers up to 35% from 28%
- Seller satisfaction improved with 78% reporting good/great deals vs 70% in 2023
- Online engagement increased with 90% of buyers researching online vs 81% in 2023
- None.
Insights
The latest CarGurus consumer study reveals significant shifts in the automotive retail landscape. The 31% year-over-year increase in new car inventory and 3% decrease in used car prices signal improving market conditions. Key metrics show rising consumer confidence, with 79% buyer satisfaction and 78% seller satisfaction rates indicating a healthier market environment.
Particularly noteworthy is the decline in need-based purchases from 67% to 62%, coupled with increased household vehicle additions (34% vs 27% last year). This shift suggests growing consumer financial confidence despite persistent high interest rates. The dramatic increase in preference for in-person test drives (69% vs 42%) while maintaining strong online research tendencies (90%) demonstrates an evolving hybrid car-buying model.
The market dynamics revealed in this report suggest positive momentum for CarGurus' business model. The increasing adoption of online tools (80% of buyers wanting to do more from home) aligns perfectly with CarGurus' digital-first approach. The resilience in financing activity, with only 11% deterred by high rates (down from 16%), indicates robust consumer demand.
The surge in dealer-based financing (64% vs 49% last year) presents opportunities for CarGurus to enhance its dealer partnerships and potentially expand its financing-related revenue streams. The high seller satisfaction rates and increased openness to online selling (87%) could drive greater inventory availability on the platform, creating a positive feedback loop for marketplace liquidity.
Seventh annual survey finds consumer satisfaction and buying power on the rise as shoppers increasingly tap the power of online tools to research and guide their decisions
BOSTON, Dec. 17, 2024 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its seventh annual U.S. Consumer Insights Report2, examining shopper trends along the car buying and selling journey. Findings show year-over-year increases in buyer satisfaction, a decline in need-based purchases, and a rise in seller confidence as more consumers tap the power of online tools to inform their decisions.
These shifts come at a time when vehicle pricing and selection have improved. According to CarGurus data, new car inventory increased by
Highlights from the 2024 Consumer Insights Report include:
- Buyer and seller satisfaction is on the rise. In 2024,
79% of car buyers were satisfied with the overall car buying experience,35% of which were extremely satisfied (up from28% in 2023). Similarly,78% of sellers said they got a “good” or “great” deal (up from70% in 2023) and71% were satisfied with the overall experience. - More buyers are adding cars to their household. Buyers reporting need-based purchases declined year-over-year (
62% vs.67% in 2023) and fewer people were in the market for a replacement vehicle (49% in 2024 compared to61% in 2023). Rather, more shoppers looked to buy the first vehicle in their household (18% vs.12% in 2023) or to add a vehicle (34% vs.27% in 2023).
- A growing share of consumers prefer to do more online before going to the dealership. Both buyers and sellers increasingly prefer to handle more steps online, with
80% of buyers wanting to do more from home (up from69% in 2023);90% of buyers researching vehicles online (compared to81% in 2023); and87% of sellers being open to selling completely online (up from82% in 2023). However, an omnichannel shopping experience is preferred, with88% of buyers noting that they saw the car in person before purchase. The top steps preferred in person were the test drive (69% in 2024, up significantly from42% in 2023) and price negotiation (43% ).
Similarly,71% of sellers got an online offer for their vehicle, but the majority (43% ) sold to a dealer, citing the offer price, efficiency, and ability to leverage a car in a trade-in among the top reasons.
- High interest rates are not discouraging buyers from financing. Only
11% of buyers said rates deterred them from financing (down from16% in 2023). Consistent with last year, approximately half financed (53% ), with a relatively even split between those who handled the process online (37% ), in-person (34% ), or a combination of both (28% ). For those who bought at a dealership, a significantly larger number also secured financing at the dealer (64% compared to49% in 2023).
“Car buyers and sellers are embracing online tools to build confidence and get exactly what they want—both in terms of what they buy or sell, as well as in the overall experience. Whether that means starting financing online to better understand monthly costs; getting offers to sell a vehicle either online or with a local dealer; or starting their purchase from home, shoppers have recognized the power of data and preparation,” said Alison Ciummei, Senior Director of Product Marketing at CarGurus. “This results in consumers who are more prepared before heading to the dealership, dealers who are better equipped to support their customers, and, most importantly, greater satisfaction with the experience.”
The full study from CarGurus is available here.
2Background and Methodology
The CarGurus Consumer Insights Report is a survey of recent car buyers and/or sellers that examines influences in the journey from consideration through transaction, along with preferences for certain tools and resources — whether online, in-person, or a combination of both. The survey also captured sentiment after the transaction for a full view of the buy/sell experience.
Data is primarily sourced from a July/August 2024 study conducted by CarGurus and GfK, a leading market research firm. The study included a survey of 3,150 past-four-month auto purchasers/sellers of new or used automobiles: n=3,008 opt-in sample and n=142 CarGurus CRM sample. Respondents could qualify as both buyers and sellers, are 18+ years old, and weighted to be representative of the U.S. auto market in terms of demographics (age, gender, income, etc.) and market factors (new/ used, price point, etc.). In some cases, figures may not sum to
About CarGurus
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. 1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.
1 Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q3 2024, U.S.
Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com
Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
investors@cargurus.com
FAQ
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