While many plan to buy new, some positive pre-owned signs for car dealers
Findings from the End of Year Car Shopping 2022 study from Cars.com indicate that buyers in the market for a vehicle are more likely to opt for new than used, but there was some good news for the pre-owned operations at dealerships.
Namely, a good chunk of buyers plan to bring a trade-in to the deal, and more than a third of those leaning new could be swayed into used if the car was available faster.
On Nov. 11, Cars.com surveyed a group of consumers who were pre-screened as having indicated they intended to buy a car in 2022.
Among consumers who were planning to shop for a vehicle between Thanksgiving and New Year’s, 60% intended on going with a new vehicle, with 21% saying they planned to buy used, the company found. Seven percent were looking to buy a certified pre-owned vehicle, while 11% were undecided.
And more than half (56%) of consumers intend on trading a vehicle in when they buy a new car, Cars.com said.
Additionally, 36% of those in the market for new would considering going used instead to be able to take the vehicle home sooner.
Cox Automotive said in its Auto Market Report on Tuesday that both new and used retail sales fell 2% week-over-week last week.
In late November, TrueCar was projecting that used-car sales for the month would likely to be consistent with October’s figures, but fall 13% year-over-year.
The company was projecting just under 3 million used-car sales for November.