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Topic: consumer insights

Consumer interest in EVs accelerated after gas prices spiked, according to CarGurus research

Posted by Meg Bernazzani on May 5, 2022

In April 2022, CarGurus released the results from its annual survey of automobile owners on their sentiments towards electric vehicles (EVs). It’s the fourth year the online survey has been conducted, and the results show that EVs continue to pose a huge opportunity for dealerships and the auto industry as a whole.

Here are the key findings, plus what they mean for dealers:

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Topics: consumer insights, electric vehicles, EVs, shopper insights

New CarGurus research shows increasing buyer openness and excitement towards EVs

Posted by Meg Bernazzani on April 14, 2021

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.

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Topics: CarGurus data, consumer insights, electric vehicles, EVs

New Consumer Financing Study reveals shoppers’ desire for more financial transparency earlier in their path to purchase

Posted by Beth Burke on March 9, 2021

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.

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Topics: consumer insights, financing, pre-qualified leads

Sedans are facing an SUV/CUV takeover, CarGurus survey results find

Posted by Sarah Pekala on January 30, 2020

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

For more information, read the full press release or read the full report.

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Topics: CarGurus news, consumer insights, sedan, SUV/CUV