Vroom spots 10 states with savviest car buyers
With so many resources available, it’s easier than ever to find deals on used wheels.
But are there regional degrees of car-buying savvy?
Vroom examined the last three years’ worth of sales data from its site — tens of thousands of transactions — and came up with a list of the 10 states whose residents consistently find the best deals while shopping for used cars.
These are buyers who save the most on the cars they buy, compared with estimated values based on real-time used-vehicle valuations by vAuto.
“People saved on average hundreds to thousands of dollars,” said Scott Chesrown, Vroom’s chief revenue officer. “Roughly 6 to 9 percent below what’s available in their market.”
As far as the impetus for this study, which turned up some interesting insight for the Vroom team, “We wanted to see what we could learn from our prior transactions that could give us insight into where customer demand is and what types of demand we could match up to our inventory … to help us make better purchasing decisions,” Chesrown said.
The 10 states are:
- Oklahoma
- Louisiana
- Michigan
- New Mexico
- Arizona
- California
- Colorado
- New York
- Missouri
- Pennsylvania
“Aside from California having twice as many vehicle registrations because such it’s such a large, populated state, pretty much most everything on the list kind of surprised me,” Chesrown said.
That includes his home state of Colorado, where his father owned a large franchise.
“Colorado has the fewest vehicles per capita in the U.S., which means there may be fewer dealership options — and thus less competitive local prices.
“Just hearing that even compared to New York it has less vehicles per capita was kind of mind-boggling,” Chesrown said.
“Arizona was also a surprise,” he said. “Arizonans who shopped on Vroom may have avoided the costly markups and hidden fees often associated with buying from local used car salesmen.”
Here are some other stats the experts at Vroom unearthed:
—Oklahomans require vehicles that can withstand a beating from harsh weather. Large pickup trucks like the Titan, Silverado, Ram and F-Series sell here at a rate more than twice as high as the national average.
—The state has 91 vehicles for every 100 residents, making it the 12th-highest state in the country in terms of vehicles per capita.
—Michigan is the center of American car manufacturing, so it’s no surprise that residents know how to buy a car with finesse. There are 13 assembly plants in Michigan, responsible for 20 percent of all U.S. production — far more than any other state.
—In a state with varied terrain — and one that experiences all four seasons — New Mexico residents need cars that are dependable, trustworthy and fairly priced.
—There are a lot of retirees in Arizona, particularly in places like Sun City, where 66 percent of the population is 65 or older. With age comes wisdom, it seems, as Arizonans know a thing or two about scoring a good deal on their vehicles.
—California has 840 miles of coastline and 51,326 miles of state highway. It makes sense that its residents are savvy when it comes to car shopping, since California has 21 million licensed drivers, nearly double the amount of any other state.
—Colorado has the fewest vehicles per capita of any state — there are only 34 vehicles for every 100 people. Trucks from the Ford F-Series family are the most popular vehicles in the Mile High State.
—A car can be a burden in New York City. There are only 57 cars for every 100 people in New York, making it the state with the third fewest vehicles per capita. The most popular car among New Yorkers is the Honda Accord.
—Missouri has nearly 4 million licensed drivers, which is noteworthy, since it has only 6 million residents total. The Dodge Caravan sells at 208 percent of the national average here.
—Pennsylvania has the fourth most interstate mileage of any state. Driving on those roads are more than 8.3 million licensed drivers — the fifth most in the nation. It’s no wonder that residents here can spot a deal from miles away.