Topic: consumer insights
As electric vehicles (EVs) continue to gain popularity in the US, this topic has taken on a heightened focus throughout the auto industry. In February, CarGurus surveyed 1,097 automobile owners in the US to get a pulse on their sentiments towards EVs. Overall, 30% of respondents noted that they were probably or definitely likely to own an EV in the next five years – a number that has doubled since 2018. And while Tesla is the trusted leader in tech development, consumers are increasingly open to other brands when it comes time to go electric.
In this emerging space, buyers are excited by the possibilities and less brand loyal, so there are opportunities for more competitors to disrupt the market. For dealers, now is the time to get ahead of the demand curve and start having conversations about electric vehicles with prospective buyers.
Below we’ve highlighted four key dealer takeaways from the study. For a summary of the results, download the CarGurus 2021 Electric Vehicle Report here.
New Consumer Financing Study reveals shoppers’ desire for more financial transparency earlier in their path to purchase
In November 2020, CarGurus surveyed 754 shoppers on their understanding of auto financing. Overall, the study found that shoppers want access to more financing information earlier in the shopping journey and they value being able to start the process online. Addressing the shift towards online financing will ultimately provide a better shopping experience for both consumers and dealers. Here are some of the key takeaways – and you can read the detailed findings here.
In November 2019, CarGurus surveyed automotive owners on their sentiments toward sedans. Summarized in the 2nd Annual Sedan Survey, the results showed that SUV/CUV models are gaining ground on the commonly-owned sedan. Fewer car owners are driving sedans (38% in 2019 vs. 42% in 2018) and of those that currently do, 25% of them plan to switch to an SUV/CUV for their next automotive purchase.
The survey also revealed that price plays a major role in the decision to purchase a sedan:
- 62% of sedan owners said they chose a sedan because the price range was favorable, up from 56% in 2018
- If price wasn’t a factor, 40% of sedan owners would choose a SUV/CUV