Consumers may finally be getting over the sting of the recession when it comes to purchasing big-ticket items like cars. Kelly Blue Book (KBB) reports that consumers are paying an average of 1% more for new cars this year. Today’s car buyers are also showing an appetite for specific car sizes.
Akshay Anand, analyst, Kelley Blue Book Insights, reports that “Many consumers are looking for a vehicle that provides great fuel-economy, value and maximum comfort for a family.” This interest is driving double-digit page views at KBB for the following models:
- Mid-size cars 13.6%
- Compact crossovers 14.3%
- Compact cars 13.2%
At the same time, consumers seem to be spending less time looking at hybrids – which were popular when gas prices were high and subcompacts – which saw popularity when the recession was at its most severe.
Consumers are now paying an average of $31,663 for a new vehicle. KBB analysts believe low interest rates are helping to spur new car sales. Other contributing factors include consumer confidence and the costs associated with keeping aging vehicles on the road. Shoppers are finally realizing that they need to replace the vehicle they have been driving around for the last 10 years.
To learn more about consumers who are shopping for specific automotive brands, check out the individual AudienceSCAN reports available on the Research Store at ad-ology.com.