Off-Lease Civics Pushing Interest in Compact Segment
Even though gas prices have been on the way down for almost two months straight and sit much lower than rates seen at the pump last year, it seems consumers are still turning toward the smaller, more fuel-efficient segments when looking for a used vehicle.
Analysts at Kelly Blue Book point out interest in the compact car segments is being pushed in part this summer by the new stream of off-lease popular smaller models, such as the Honda Civic.
According to used-car shopping data in KBB’s July Blue Book Market Report, the compact car segment was the most-shopped vehicle segment in the West and Northeast regions for the month for both used and certified pre-owned vehicles.
And the same segment ranked second in popularity among the Midwest and South territories for both used and CPO shoppers, following the midsize car segment.
On a national scale, the compact car segment is the most popular for used shoppers with 15.5 percent of KBB site traffic. The segment filled the No 2. Spot for CPO shoppers.
Midsize cars came in as the most popular segment overall in July for CPO buyers across the nation with 12.8 percent of KBB site traffic, but the compact cars were close behind with a score of 12.5.
What’s driving strong consumer interest in this segment? Signs point to the ever-popular Civic, KBB analysts pointed out.
The vehicle was redesigned in 2012, and these off-lease models are now hitting the market, “prompting a surge of research for the vehicle,” according to KBB site traffic.
The Toyota Corolla and Volkswagen Jetta are also impacting the used and CPO market for similar reasons.
Though compact cars and midsize cars held the No. 1 and No. 2 spots in July for popularity on KBB’s site, the tides turned for the third position.
For CPO shoppers, the third most popular segment was the midsize SUV/crossover segment with 10.8 percent of the site’s traffic, while the full-size pickup truck segment was in the No. 3 spot for used-vehicle shoppers (11 percent).