When it comes to researching and buying a car, CPO buyers are all about being informed and getting their questions answered before making a decision, according to the 2019 CarGurus Buyer Insights Report. They spend hours researching and comparing their options, relying on online resources and experts to give them the confidence they need to purchase a vehicle.
Our research found that:
- CPO buyers are well informed—80% research and compare exhaustively before making a final purchase decision.
- And they’re more likely than both new and used car buyers to use all types of online research sites, including search engines, brand sites, dealer sites, third-party listings sites.
- CPO buyers are 24% more likely than average to visit CarGurus.
But that’s not all. Our research also found that CPO buyers are especially practical about what matters to them: they want the assurance of buying new, at the price point of buying used. Here’s how they stacked up compared to new and used car buyers:
- Like new car buyers, CPO buyers are more likely to be looking for an ‘upgrade’ from their prior vehicle.
- Like used car buyers, reliability (56%) and costs (48%) come first for CPO buyers when selecting a vehicle.
- When choosing a dealership, they’re less likely than other segments to base their decision on convenience (location and prior experience). Only 20% of CPO buyers choose a dealership based on location, compared to 39% of used car buyers, while only 19% choose based on prior experience, compared to 28% of new car buyers.
- That pragmatic approach leads to a less enjoyable shopping process though—39% disagreed with the statement “car shopping is fun,” compared to 32% of used car buyers and 25% of new car buyers.
For dealers, engaging CPO shoppers and getting them to your lot is a matter of making sure your inventory is displayed online and answering all their questions when asked. CPO shoppers are willing to travel farther for the right deal from a dealer they trust, so put in the extra time it might take to give them the information they’re looking for.
Want to learn more about how you can reach and engage CPO shoppers online? This is just a sneak peek into the 2019 Buyer Insights Report, in which we’ll dive deeper into this segment of car shoppers. We’ll also be leveraging this shopper research to explore more segments poised for growth at Navigate ’19, a new kind of auto conference we’re bringing to you in Boston from October 22-23, 2019. Register today!