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The car buying market has been a tough one over the past couple years, with prices being driven up by inventory shortages from supply chain issues, along with consumers having to contend with high interest rates – contributing factors that had major online dealer Carvana on the brink last year. Though car prices have declined recently, the UAW strike is likely to make an impact the longer it lasts.
What does the online car buying market look like today amid the current economic climate? As of October, CivicScience data show 21% of U.S. adults have used online car dealers like Carvana or CarMax while another 12% intend to use one at some point in the future. Notably, the percentage of consumers disinterested or unaware of online car dealers has dropped by four points to 67% since October 2021, while intent to try them has remained relatively stable despite economic headwinds.
So, what differentiates those intending to try online car dealers? Here are five key insights about online car buying intenders, according to the CivicScience InsightStore: