Recent data from Edmunds and Kelley Blue Book shows that the winds of consumer preferences are changing in the auto market. Price still plays a major role. Here's a quick rundown:
๐โ๏ธ๐ฐ Shifting Priorities: While the pandemic saw a surge in shoppers for higher-end new cars, the scene is changing. As car prices and interest rates rise, more potential buyers look at vehicles under $50,000, especially those in the $45,000-$50,000 bracket.
๐ชโ๏ธ๐จ Inventory Turnaround: Cars priced under $50,000 sell faster than their pricier counterparts. They're typically off the lot within 26 days instead of 40 days for more expensive models.
๐๐ญ๐ฌ Seeking Value: The hunt for affordable vehicles has intensified. Though the average transaction price for a new car is almost $48,000, there's a noticeable demand for models priced between $20,000 and $50,000.
๐ธ๐ฎ๐บ Features Galore: As per industry insiders, American buyers are inclined towards models loaded with features - be it parking sensors, a car play screen, or automatic climate control. This preference pushes automakers to produce more feature-rich models, even with a slightly higher price tag.
๐ช๐๐ธ Smart Shopping Tips: By reverse engineering the most common shopper advice, we have some tips for connecting with today's shopper:
Understanding these trends and insights can help us better cater to our customer base, align our inventory, and offer services that resonate with the changing market dynamics. Let's stay adaptable and tuned in to what our customers want!