From chip shortages to supply chain issues, inflated prices, and a major push in the market for EV's, this has been an unprecedented year for the auto industry. This report provides timely insights into this fast-evolving industry, including market trends and disruptions, purchase intentions, shopping behaviors, brand affinities, and much more.
This report provides timely insights into this fast-evolving industry, including:
From continued inventory shortages, increased online car buying, and a major push in the EV market, this has been an interesting year for the auto industry. Our robust data set allows us to capture the behavioral and attitudinal traits of potential buyers, and our always-on methodology shows market shifts as they occur in real-time.
KEY STAT: Car purchase intenders are 2X as likely as the average US adult to have used an online car dealer.
Despite the pandemic’s significant effect on driving habits, drive times are returning to pre-pandemic levels. In fact, those that drive two or more hours a day have increased by 6 pp since Q1 2019. Individuals spending more time in the car tend to be younger and have lower incomes.
Half of US adults intending to purchase a vehicle in the next 3-6 months plan to buy/lease new, while a little over a third plan to buy used. Over a third, (35%) of those that plan to buy new are likely to purchase a sedan, while the most popular choice for those that plan to buy used is a truck.
Quality and reliability trump price as the factors most important to consumers when buying a car.
Consumers do their due diligence when in the market for a car. They are looking at consumer reports and online reviews. Many go to multiple dealerships to test drive and gather information before purchasing. 61% of car purchase intenders have gone to one dealership to test drive a car, then bought from another.
While most adults still prefer in-person car shopping, car purchase intenders are 2X as likely as the average US adult to have used an online car dealer.
A quarter of US adults say that they have recently been impacted by dealership inventory shortages. These supply issues, as well as inflation, have 27% anticipating cutting back spending in the auto industry this year.
Despite environmental concerns and rising gas prices, the intent for electric vehicles has steadily declined since Q1 of 2022. Also of note, adults 18-34 are more likely to report owning an electric vehicle but not liking it.
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