New Study Reveals Shift Toward Used
A survey of more than 9,000 vehicle owners found that 38% of them plan to buy used on their next purchase. That percentage grew to 53% among individuals under 40 years ago age.
SAN FRANCISCO — A survey of more than 9,000 vehicle owners found that 38% of respondents plan to buy a used vehicle on their next purchase, while 34% plan on buying new. The finding points to a shift away from new cars, according to buyer intelligence firm Autolist.com.
Among individuals under 40 years old, 53% buyers said they will 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 less than 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,” the firm noted in its report. “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,” the firm added.
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