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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.

by Staff
June 12, 2017
New Study Reveals Shift Toward Used

 

1 min to read


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.

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“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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