Young consumers are excited about affordable, technology-enabled vehicles – especially hybrid electric cars. More than half (61%) of Gen Y consumers expect to buy or lease a car within the next three years, with almost a quarter (23%) expect to purchase or lease in the next 12 months, according to new data from Deloitte. Young consumers expect their automotive shopping experience to be similar to their retail and technology experiences.
Tag: new vehicles
Contrary to popular belief, car dealers who price their new vehicles online below MSRP attract more traffic to their inventory online, attract buyers from greater distances and sell more vehicles than dealers who list their new vehicles at MSRP. Additionally, new data shows that buyers tend to transact at a higher price than the range they were searching within online, indicating that there is significant opportunity for additional incremental dealer profit.
Consumers Willing to Spend More on Autos, More Likely to Purchase Hybrids if Carpool-Lane Stickers Available
According to a new Kelley Blue Book Market Intelligence Study, since the end of the CARS 2009 program (commonly referred to as ‘Cash for Clunkers’), in-market car shoppers have indicated they are once again delaying the purchase of a new vehicle. However, the price consumers are considering paying for a new car has significantly increased in the month since the CARS 2009 program ended. In September 2009, shoppers said they would be willing to spend an average of $27,271 on their next new car, up from August 2009 when they said they would spend an average of $25,600. In addition, a majority (55%) of car shoppers said they would be more likely to consider buying a hybrid if they could get a carpool-lane sticker.