Topic: CarGurus data
Millennials aren’t “just kids” anymore. They have true buying power and are quickly becoming a large percentage of the total car-buyer audience. Millennials are expected to represent 40% of all new-vehicle purchases next year. Ali Chapman, customer insights analyst at CarGurus, recently spoke with WardsAuto about the latest data on Millennial car buyers from our 2019 Buyer Insights Report.
Read the full article on WardsAuto: A Generation That Allegedly Hated Vehicles Now Buys Them Aplenty
For many drivers, getting in the car follows a routine: use a key fob to unlock the car door, get into the driver’s seat, connect a smartphone to the car’s infotainment system, and then drive off. Yet, when tested on their knowledge of connected vehicle security, consumers were wrong on half the answers, scoring a failing average of 49%.
At CarGurus, we’re always looking for ways to share more industry insights with our valued dealers. Today, our Director of Automotive Industry and Economic Analysis, George Augustaitis, takes a look at how tax cuts and dwindling inventory are affecting the used car market.
The IRS started to release information on tax returns in the first week of February. As the data from the IRS changed over time, the media released weekly headlines, whipping back and forth between negative and positive:
To date, the IRS has reported filings through the week ending May 10, 2019, and at first glance, the average refund is down 1.7%.
While the key metrics—total number of refunds, amount of money issued, and average refund—show a negative story, refunds alone aren’t the factor driving change in used car sales in the US.
For the second year in a row, CarGurus surveyed consumers to get a pulse on their feelings toward self-driving cars. While most aren’t ready for them to be the status quo, the survey found that consumer sentiment is changing fast, with enthusiasm rapidly replacing skepticism. Overall, the survey found:
Last month, CarGurus checked in with current and former pickup truck owners for the second year in a row to see if their attitudes toward the category, its brands, and their vehicles have changed. Overall, the survey uncovered that brand loyalty among pickup truck owners is beginning to decrease compared to one year ago. This becomes especially true when truck owners are asked about their brand loyalty in conjunction with increased prices. The survey results were as follows:
What goes into the car buying journey for the average auto shopper?
At a time when consumers are more indecisive than ever about key decisions, from what vehicle to purchase to which dealership to buy from, this question is crucial. The 2018 CarGurus Buyer Insight Report, released today, provides an answer. The report analyzes the digital purchase paths of more than 3,000 auto shoppers, giving an in-depth look at today’s complex car shopping process. Key findings include:
Ever wonder which cars sit at the top of shoppers’ wish lists? Millions of car buyers visit CarGurus every month in search of their next vehicle, so we decided to dig into our data to find out. We looked at which makes and models were the most searched on CarGurus in each US state, and, after analyzing all of the car searches on our site in 2018, we found that when it comes to sought-after vehicles, Ford and Chevrolet lead the way.
With established automakers like Mercedes-Benz and newcomers like Byton announcing electric vehicles (EVs) at this year’s Los Angeles Auto Show, CarGurus conducted a survey to learn more about consumers’ thoughts and experiences with EVs.
Interestingly, we found that while 64% of shoppers are excited about the prospect of saving money on fuel with an EV, 65% are concerned about how expensive they are. This interest suggests a “wait and see approach,” with 15% of respondents noting they would probably or definitely own an EV in the next 5 years, and 34% noting the same over the next 10.