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39 Interesting Car Buying Statistics, Trends & Analysis Car Sales Statistics for 2018 T
here are a few trends in automotive sales that are worth noting. Passen- ger car sales are dropping, while SUV’s and crossovers are increasing in sales for 2018.
Another trend we are starting to see is how the public is becoming more accep- tant of self-driving vehicles compared to 2017. However, most consumers are still not willing to pay extra for this feature or for electric vehicles. According to the statistics reported, this makes sense because most consumers are still in the market for a traditional gasoline/diesel type engine. 1. General Motors is currently ranked as the top automotive maker in the Unit- ed States in 2018 with a market share of 16.48%. Followed by Toyota Motor Corp. with 14.72%, then Ford with 14.44%. (Goodcarbadcar) 2. Passenger car sales dropped below 30% of the market share in August 2018 for the first month ever. (USA Today) 3. Sales of mid-size (15.6% decrease) and compact cars (13.6% decrease) fell in August 2018, while compact cross- overs and SUV’s rose about 14.8% of the market share. (USA Today) 4. 47% of people in United States think fully self-driving vehicles will not be safe in 2018, compared to 74% in 2017. (Deloitte) 5. 38% of people in the United States are unwilling to pay the extra money for vehicles equipped with a self-driving fea- ture. 33% of people are unwilling to pay extra for electric vehicles. (Deloitte) 6. 80% of consumers in the United States still prefer gasoline/diesel as their engine type, 15% prefer hybrid electric, and only 3% prefer battery electric. (Deloitte) 7. Industry experts predict that the average digital ad expenditure for the automotive industry will exceed $14 bil- lion by 2020. (Oppmax)
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Car Buying Consumer Statistics and Trends
Millennials and baby boomers are both using a digital platform as a tool to research before purchasing. A majority of the time spent researching is done online now, but a brick and mortar deal- ership is still very valuable. A majority of consumers still want to either test drive or see the car in person before making their final decision. Since a lot of the research is done by the consumer, they will form their own opinions before en- tering the dealership. Auto dealerships and manufacturers need to maintain a consistent message online and at their physical location. 8. 58% of drivers expect to use their current vehicle until the very last mile before purchasing another. (Oppmax) 9. Over 66% of consumers in Unit-
ed States take less than three months and spend less than 10 total hours of research for their car purchase in 2018. (Deloitte) 10. Car buyers on average spend 14:29 hours shopping for a car. 61% of it is done online, while 21% of it is done at the dealership. (Cox Automotive) 11. Millennials spend on average 16.9 weeks for their purchase decision versus Baby Boomers who take on average 15.7 weeks. (V12Data) 12. 8 out of 10 shoppers need to see the vehicle in person, and 7 out of 10 shoppers want to test drive before pur- chasing vehicle. (Deloitte) 13. 75% of all car buyers reported that they intend to purchase their top of mind brand, or the highest quality brand through unaided awareness. Quality is way more important than quantity. (Niel- sen) 14. Only 55% of OEM/Brand sites and 53% of dealer websites have met consumer expectations. This includes expectations for in-dealer digital tools, dealer/manufacturer communications,
and digital support for trade-in, configu- rations, or pricing tools. (Deloitte) 15. Customers who rent a car from En- terprise Holdings’ brands are 55% more likely than the average consumer to pur- chase a new vehicle within 6 months of rental. (Wharton)
Buyer Demographics and What They Want
Consumers over the age of 40 make up a majority of car buyers in 2018. To con- trast that, the percentage of car owner- ship among 18-34 year olds has been de- creasing for some time now. Regardless if it is a used car or new, consumers in 2018 value Bluetooth/USB connectivity as a feature for their next vehicle. 16. The top three features consumers are looking for in a new car are safety (21%), Bluetooth/USB connectivity (15%), and a spacious interior (11%). (Crimson Hexagon) 17. The top three features consumers are looking for in a used car are Blue- tooth/USB connectivity (31%), low miles (28%), and automatic transmis- sion (17%). (Crimson Hexagon) 18. Consumers over the age of 40 ac- count for 75% of all new car sales. (Niel- sen) 19. 38% of millennial consumers say that would consult social media in mak- ing their next car purchase. (Wharton) 20. Car ownership among 18-34 year olds has dropped 30% in the past five years. Due to the rising price of automo- biles and opportunities with ride sharing services. (Forbes) 21. Boomers watch 154% more live TV than millennials, and millennials spend 173% more time on TV-connected devic- es. Millennials spend more time on their computers and mobile devices. (Nielsen)
Car Buying Consumer Habits A majority of consumers do not know
what car to buy when starting their pur- January-February 2019 • AUTOMOTIVE RECYCLING
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