115 Interesting Car Buying Statistics & Trends [Updated for 2023]

Car Buying Stats and Trends

As we look toward 2023, we can count on seeing increased production in new cars compared to earlier pandemic times… right?

From the ever-rising popularity of electric vehicles to the market share of the big manufacturers to who is buying luxury vehicles, here are the most important statistics you need to know heading into the 2023 car-buying market.

Need an expert quote for your story? We’re happy to help. Contact our Senior EV Editor Steve Birkett.

Key Car Buying Statistics

Car Buying Stat Average Price

  1. NADA projects total sales in 2022 to stand at 13.6 million units.
  2. The car shopping experts at Edmunds forecast that 14.8 million new cars will be sold in 2023.
  3. Used-car prices are expected to drop as much as 20% in 2023 as inventory stabilizes.
  4. J.D. Power projects new-car prices will fall between 2% and 10% next year.
  5. The new car average transaction price hit a record $47,681 in November of 2022.
  6. The top-selling trucks and SUVs for 2022 were the Ford F-Series trucks (467,307 units sold), the Chevy Silverado (374,479 units sold), the Ram Pickup (363,089 units sold), and the Toyota RAV4 (303,341 units sold).
  7. The top-selling cars were the Toyota Camry (214,403 units sold), the Toyota Corolla (171,556 units sold), and the Tesla Model Y (162,000 units sold, estimated).
  8. Year to date, the total used market is currently on pace to finish the year down more than 12% from the 40.6 million recorded in 2021.
  9. Total used-vehicle sales in November are estimated to be nearly 2.7 million units, down 4.5% from November 2021.
  10. Retail used-vehicle sales are estimated to be 1.4 million, down 3.7% from November 2021.

Also Read: Which Cars Have the Highest Dealer Markup?
(updated monthly)

Highest Lowest Markup

Car Manufacturer Market Share Statistics

No surprises here, Toyota, Ford, and Honda are still the top players in the industry.

Car Buying Stats Toyota

  1. Toyota sold the most cars in 2022, with a year-to-date total of 1,601,620 at the time of publishing.
  2. Ford is a close second with 1,593,693 units sold.
  3. Honda has seen a significant drop in sales with 797,794 this year, down 34% from last year’s 1,214,448.

Car Purchases by Ethnicity

Market share by ethnicity varies widely based on the region you’re living in, but here are the most recent stats regarding the breakdown of car buying by ethnicity.

Car Buying Stats Demographics

  1. Hispanic share of the new vehicle market climbed almost three percentage points since 2016 to 17% of the market this past September.
  2. Asian share climbed almost two percentage points to 8%.
  3. Black market share declined slightly to 8% in the same timeframe.
  4. The market shares for each of these three ethnic groups vary by region; the Black share is the highest in the Southeast US at 15%.
  5. Asians account for 16% of registrations in the Western US.
  6. Hispanic share of 30% in the Southwest leads all other regions.
  7. 14% of people of color reported not having access to a car as of 2019.
  8. 18% of Black households did not have access to a car as of 2019.
  9. 13% of Native American households did not have access to a car in 2019.
  10. Asian/Pacific Islander and Latino households did not have access to a car as of 2019.
  11. 6% of white households reported not having access to a car as of 2019.

Car Buyer Demographics & Preferences

With a large portion of the population holding a driver’s license and even more having access to a vehicle, there are a lot of folks buying cars these days.

Some highlights that you may have guessed already: Boomers buy over half of the new cars in the US, a vast majority of car buyers are homeowners vs. only 7% of buyers renting their home, and the type of car purchased correlates with the buyer’s household income.

Car Buying Stats Homeowners

  1. 9% of households reported not having access to a car in 2019.
  2. Baby Boomers purchase 62% of new cars in the US.
  3. 85% of Americans have a driver’s license.
  4. The age of a new car or truck buyer has grown older over the past decade. It is now around 53 years old.
  5. The household income averages for new SUV purchases are 31% under $50k, 19% $50-$74k, 10% $75-$99k, and 40% $100k and up.
  6. Household income averages for new sedan buyers are 39% under $50k, 18% $50-$74k, 9% $75-$99k, and 35% $100k and up.
  7. Household income averages for new truck purchases are 37% under $50k, 20% $50k-$74k, 10% $75-$99k, and 33% $100k and up.
  8. Household income averages for new plug-in hybrid cars are 21% under $50k, 12% $50k-$75k, 10% $75k-$99k, and 57% $100k and up.
  9. Household income averages for new battery electric vehicles are 20% under $50k, 16% $50k-$74k, 4% $75k-$99k, and 60% $100k and up.
  10. 43% of car owners are female and 57% are male.
  11. Sedans are purchased by 44% female buyers and 56% male.
  12. New trucks are purchased by 14% females and 86% males.
  13. 93% of new car buyers are homeowners compared to only 7% of new car buyers being renters.
  14. 64% of new car buyers rated affordability as “important.”
  15. When buying a new car, 53% of car buyers consider the total purchase price.
  16. 20% instead consider the monthly payment.
  17. The remaining 27% considers both the total purchase price and the monthly payment.
  18. Buyers that are aged 25 to 54 purchase most new vehicles.
  19. When it comes to purchasing a new sedan, 1% of buyers are 24 and younger, 51% are aged 25-54, 21% are aged 55-64, and 27% are aged 65 and up.
  20. The age breakdown for new truck buyers according to age group is 1% age 24 and younger, 50% age 25-54, 23% age 55-64, and 26% age 65 and up.

Online Car Buying Consumer Habits

We buy just about everything else online, so why would a car purchase be any different?

Online car buying saves time, money, and reduces the stress of the back-and-forth you have to deal with when purchasing in person (a huge win for introverts.)

While the online car buying market has grown significantly with no signs of slowing down, some car buyers still need to see a car in person to feel confident making a purchase.

Car Buying Stats Online Car Buying Market

  1. The global online car buying market size reached US $294.2 Billion in 2022.
  2. IMARC Group expects the market to reach US$ 563.8 Billion by 2028, which shows a growth rate (CAGR) of 11.1% during 2023-2028.
  3. The most popular style to purchase online is a hatchback, followed by sedans then SUVs.
  4. 38% of current car shoppers expect to complete the entire buying process online, with another 38% intending to purchase a vehicle in person but complete all paperwork online.
  5. 41% of Cars.com's in-market audience is also looking to sell their current vehicle before buying a new one.
  6. The growth of the US online car buying market is 4.7% compared to last year.
  7. The market size of the online car dealers industry in the US has grown 6.4% per year on average between 2017 and 2022.
  8. The market size of the online car dealers industry in the US increased faster than the economy overall.
  9. Some of the major players in the global online car-buying market include Cargurus Inc., CarsDirect.com, Cars.com Inc., and TrueCar Inc.
  10. New car buyers spend an average of 19 hours researching what vehicle they want on Cars.com.
  11. 29% of buyers applied for financing online for their most recent vehicle purchase.
  12. 96% of polled individuals said that they would be open to financing entirely online.
  13. More than three-quarters of study respondents said they are open to buying a car completely online.

Car Dealerships Statistics

While the online car-buying market is growing, it doesn’t seem like dealerships are obsolete just yet.

There is something to be said for seeing a car in person and it’s important to get as much information as possible before making such a big purchase.

Buyers and dealerships alike have taken advantage of the new online resource and mixed the two to create the most efficient buying experience possible.

Car Buying Stats Showroom

  1. 39% of future car buyers plan to visit at least three car dealerships, but only 28% of recent car buyers made that many trips.
  2. 44% of respondents said they’d feel most comfortable using a combination of in-person and virtual purchasing when buying their next car.
  3. 87% of buyers noted that negotiating is a necessary step in the process of purchasing a new car.
  4. 74% of participants prefer to buy EVs at dealerships.
  5. Only 7% of people want help from a salesperson.
  6. Only 6% of people indicated they’d feel most comfortable sticking with an all-online shopping experience, so dealerships are still a necessary part of the car-buying experience.
  7. Dealerships are embracing online ordering as well. 85% of GM dealers are now using Shop-Click-Drive, a shopping tool that allows users to search for certain GM vehicles at local dealerships, apply for financing, get trade-in estimates and complete a portion of the transaction online.
  8. Many customers who first conducted research online were able to cut down the actual time spent at dealerships buying a car to just 2 hours.
  9. Over 90% of our customers are still eventually visiting the showroom and looking at the vehicle before making their purchase.
  10. 38% of customers purchase within 4 hours of visiting their first dealership.
  11. 90% of customers purchase within 1 week of visiting their first dealership.

Ride-Sharing Service Trends

While COVID put a pause on ride-sharing (being in close quarters with a stranger while there’s a pandemic going on), these ride-share services have begun to rise in popularity once again.

Uber still beats Lyft out in terms of popularity and young adults aged 19-29 are the age group most likely to use either app.

Car Buying Stats Ridesharing

  1. As of 2021, the global ridesharing market is valued at $85.8 billion.
  2. 36% of Americans have now used a ridesharing app, more than double that of the percentage who used them in 2015.
  3. As of 2022, Uber has a 71% share of sales in the U.S. rideshare market, whereas Lyft only has 29%.
  4.  Uber and Lyft are responsible for 6% of vehicle miles traveled (VMT) across the U.S.
  5. Those between 18-29 are most likely to use ridesharing apps, with at least 51% using them.
  6. Between 2021 and 2026, the ridesharing industry is expected to experience a CAGR of 16.6%.
  7. Around 19% of rural residents used a ridesharing service, compared to 45% of urban residents and 40% of suburban residents.

Electric & Hybrid Vehicle Trends

While driving a Tesla was once exclusive to tech bros and rich hippies, the electric vehicle industry has since branched out to allow the general public to experience the benefits of these once-futuristic vehicles.

Check out our more detailed list of EV stats and trends here >>

Accessibility to more charging stations and more big vehicle brands offering options have increased the popularity of EVs and PHEVs.

Global warming has also provided EVs with another marketing opportunity.

Car Buying Stats EV Purchase

  1. 52% of car buyers now want to purchase an EV.
  2. Millennials and Gen X-ers are the largest group of people buying electric vehicles (EVs), representing 46% of EV purchases.
  3. The same age group (25-54) is also the largest group purchasing plug-in hybrid vehicles (PHEV), representing 54% of sales.
  4. The average price paid for a new electric vehicle (EV) declined in September by $1,162, or down 1.8% compared to August, but was up by 9.7% compared to a year ago in September 2021.
  5. The average new EV price was $65,291, according to Kelley Blue Book estimates.
  6. According to Statista, by 2030, there will be over 3 million electric vehicles driving on California roads.
  7. Data from BloombergNEF shows that the world hit an annual passenger EV sales record of 7.1 million halfway through 2022.
  8. In the first half of 2022, 13% of worldwide passenger vehicle sales were battery electric, plug-in hybrids, or fuel cell vehicles.
  9. Before the end of this decade, top global automakers have pledged to spend $1.2 trillion to produce 54 million electric vehicles.
  10. Roughly two-thirds (66%) of Americans surveyed indicated they were more likely to buy an EV after the Biden administration last year announced plans to support nationwide EV infrastructure and proposed financial incentives to accelerate the country's move toward EVs.
  11. Fully electric vehicles reached ~6% of total auto sales in the USA in the 3rd quarter.
  12. S&P expects there to be 159 electric vehicle brands by the end of 2025, more than triple today's 48.
  13. With more than 100,000 units in combined sales, the Model 3 and Model Y Tesla are two of the best-selling vehicles in the United States.
  14. Tesla still has a large market share in the EV industry though the market share shrunk to 65% in 2022, compared with 71% in 2021.
  15. Ford Motor Co. is Tesla's biggest competitor, holding 7% of registered EVs in 2022 and 28% of non-luxury EVs.
  16. Tesla’s biggest competitors when it comes to mid-market demand are new EVs including vehicles from Hyundai Motor Co., Kia Corp., and Volkswagen Group, joining the Ford Mustang Mach-E, the Chevrolet Bolt EV, and the Nissan Leaf.

Current State & Future of Car Inventory Shortage

Remember that time when supply chain issues made chip manufacturing impossible (and most of us first learned that there were even chips involved in car production at all)?

The bad news is… we are still in that time. But only for a little while longer!

Here’s how it’s looking up for the car inventory shortage.

Car Buying Stats Production Cut

  1. In 2021, automakers built 3.23 million fewer vehicles than expected in North America because of the chip shortage. This year, that shortfall's on pace to hit about 1.5 million, per an AutoForecast Solutions estimate.
  2. According to Cars.com, one of the cars interested buyers can still find with relative ease is the 2022 Jeep Compass.
  3. Current word is that it will be at least 2 to 3 years before vehicle production will return to ‘normal’.
  4. On August 9th, 2022, President Joe Biden signed House Resolution 4346 into law. The CHIPS and Science Act of 2022 appropriates $54.2 billion to support research and production domestically and marks one of the largest investments in addressing the chip shortage.
  5. Earlier this year, the U.S. Commerce Department reported that the median inventory for semiconductor chips had fallen to just a 5 days' supply, compared to 40 days before the pandemic.
  6. Major semiconductor companies said they didn't expect the situation to go away within the next 6 months.
  7. In February, Toyota announced it would cut production in the following month by up to 200,000 vehicles globally due to supply chain issues.
  8. A Canadian trucker protest and an earthquake in Japan have added more complications to the production of new vehicles.
  9. Globally, almost 1.2 million vehicles have been cut from production, according to Automotive News.
  10. Before the pandemic, roughly 3.5 million new cars sat on dealer lots. In August, there were about 1.2 million, according to Cox.

Luxury Car Stats & Demographics

Though luxury car prices have generally gone up, sales have gone up with them, and the luxury car market is only going to grow in the future.

Another fun fact: BMW, despite omitting turn signals from their vehicle manufacturing process, is one of the three large German manufacturers that own 70% of the global market share.

Car Buying Stats Luxury Car Buyers

  1. The luxury vehicle market share is historically high, increasing to 18% of total sales in September from 17.6% in August.
  2. The luxury cars market’s statistics project the revenue growth to reach US $21780 million in 2022.
  3. Luxury car unit sales are expected to top 205,900 by 2026.
  4. In September 2022, the average luxury buyer paid $65,775 for a new vehicle, down $60 from August when luxury ATPs hit a record high of $65,835.
  5. Mercedes-Benz and Jaguar showed the most price strength in the luxury market, transacting between 2% to 4% over sticker price.
  6. The luxury vehicle market is poised to grow by 3251.30 thousand units during 2022-2026 progressing at a CAGR of 6.45%.
  7. 86% of luxury buyers agree that they research and compare exhaustively before making a final auto purchase decision.
  8. 66% agree they rely on the opinions of peers, v. 52% of other new car buyers.
  9. Luxury car buyers are more likely to be Gen Z and older millennials and to identify as male and Hispanic or Latinx. They tend to be high-income earners, and parents, and live in cities.
  10. BMW, Mercedes-Benz, and Audi are the three German players that account for 70% of the global market share.

Truck Buying Statistics

Truck Towing Stat

  1. 75%  of truck owners use their trucks for towing once a year or less.
  2. 35% of truck owners use their trucks for hauling once a year or less.
  3. The forecast for 2023 calls for truck sales to grow by roughly 4% overall.
  4. The U.S. work truck industry is expected to add another $10 billion to the market in 2023.

Overall Car Buying Trends & Analysis

Looking forward to 2023, we can expect to finally see an increase in production after years of a dry spell, and used car prices are coming back down to earth.

2023 is sure to bring more accessible electric and hybrid vehicles to the masses and will likely be the top choice of Gen Z-ers as more of them enter the car-buying market. If things go as predicted, both electric vehicles and luxury vehicles will continue their upward trend, selling more units each year.

Giants like Toyota, Ford, and Honda will most likely maintain their status though Tesla will likely become closer to competing with them.

Surprisingly, Gen Z has been able to invest more in electric and luxury vehicles, which will allow them to keep up with rising car prices. Boomers and Gen X-ers will likely continue to represent the largest group of buyers for at least the next year.

And maybe, just maybe, Millennials will buy more of those newly-available vehicles in the new year.

Show Me Last Year's Stats

Annual Car Sales Statistics

Unsurprisingly, we saw a decline in car sales in 2021 across the board, however, car sales in the US are expected to rise in 2022 due to pandemic-driven supply chain issues in the previous year. Toyota still proved to be a strong brand with a large market share. Consumers are beginning to turn to trucks and SUVs, with both grabbing a larger share of the market.

  1. The USA's car market in November 2021 is still unable to recover effectively from the pandemic. 1.04 million new cars were sold in November 2021 (-13.3%). (focus2move)Market Recovery COVID
  2. US new car sales in 2022 will rise to 15.47 million vehicles from an estimated 15.07 million in 2021. (IHS Market)New Car Sales to Rise
  3. Interest rates were just below 4 percent towards the end of October 2021. (Statista)Interest Rate Down
  4. The estimated average transaction price (ATP) for a light vehicle in the US was $42,258 in June 2021. (Kelley Blue Book)ATP Increase
  5. Trucks and SUVs picked up market shares with a year-over-year increase in average transaction prices at 1.5%. (Kelley Blue Book)Trucks and SUV Gain
  6. It has been predicted that there has been a total of 7.75 million certified pre-owned (CPO) in 2021. (Autotrader)
  7. Automakers in 2021 experienced cut production due to pandemic-driven supply chain issues. (Reuters)
  8. The top-selling SUVs were the Toyota RAV4, Honda CR-V, Nissan Rogue, and the Toyota Highlander during 2021. (autoNXT)Best Selling Models
  9. Up to March 2021, Toyota Group is on top of the market with a 12.6% market share and 2.3 million sales YTD (+7.9%). (focus2move)
  10. 1.3 million fleet units will be sold, down from 3.2 million in 2019. (CoxAuto)
  11. Toyota has sold 681,427 cars so far in 2022 and 2,332,262 vehicles total in 2021. (Toyota)
  12. Acura has about .77 of the U.S. market share with 31,625 vehicles sold in 2022 so far and 157,408 total in 2021 (1.05% of US market share) (GoodCarBadCar)
  13. Cadillac has sold 28,216 vehicles so far in 2022 and 117,884 total in 2021. (GoodCarBadCar)

Car Purchases by Ethnicity

  1. 88% of car buyers in 2020 were White. (CoxAuto)
  2. 7% of car buyers were Black. (CoxAuto)
  3. 11% of car buyers were Hispanic. (CoxAuto)
  4. 3% of car buyers were Asian. (CoxAuto)
  5. 19% of Black Americans report living in a household without access to a car. (PolicyAdvice)
  6. 14% of Hispanic Americans report living in a household without access to a car. (PolicyAdvice)
  7. 4.6% of white Americans report living in a household without access to a car. (PolicyAdvice)

Car Buying Consumer Habits & Trends

Car buyers in 2021 browse for new and used vehicles online, with the majority of auto purchase research beginning on the internet. Shoppers are very conscious of both quality and affordability, which is why many are turning to used cars and looking for deals. Buyer intent is still recovering from COVID-19 and its financial impact.

  1. Consumers tend to spend less time in the market (89 days compared to 118 in 2017) because they are motivated by needs like expiring leases, damaged vehicles, or unreliability. (CoxAuto)Less Time in Market
  2. Lease penetration fell to 23% in November 2021, down from 28% in November 2019. (JustAuto)Leasing Decrease
  3. 92% of auto purchasers research online. (ThinkWithGoogle)Online Research
  4. Nearly half of US consumers (47%) are planning to keep and maintain their current vehicle longer than they originally expected. (Deloitte)
  5. When it comes to buying cars, purchase intent is still 14% below pre-COVID-19 levels. (McKinsey)Purchase Intent Has Fallen
  6. Used vehicles may be assuming the role of the entry-level car, giving cash-strapped consumers an interesting option to consider. (Deloitte)
  7. Used car buyers are less satisfied with the overall shopping experience, with 62% satisfied with new car shopping and 60% satisfied with used car shopping. (CoxAuto)
  8. Used buyers are more focused on research and show prominent online engagement. (CoxAuto)Used Car More Research
  9. Quality was the most important factor for brands in the auto industry, with 30% of the vote. Affordability (21%) was the next most important attribute. (Brandwatch)Factors for Consumers
  10. 1/3 of consumers without a car plan on buying one in the next 6 months, with 45% of those being millennials. (EY Global)
  11. 78% are more likely to use their car to travel in a post-Coronavirus world. (EY Global)Own Vehicle
  12. In 2021, 30% postponed their car purchase and 25% switched to used cars. In 2022, it is projected that 50% will postpone their purchase and 40% will switch to used cars. (BCG)Postpone Purchase
  13. 95% of consumers use digital sources for information to find the best car and truck deals. In fact, twice as many start their research online versus at a dealer. (ThinkWithGoogle)
  14. 71% of people who don't own a car are looking to buy a gasoline or diesel vehicle, 6% plan on an EV, and 23% would consider a hybrid model. (EY Global)
  15. The average price of used cars has gone up 29% in 2021 and will continue to rise. (BCG)Used Car Price Increase
  16. Most car shoppers are looking at new and used vehicles simultaneously. (CoxAuto)
  17. Toyota has the largest CPO share of 13.8%. (CoxAuto)

Car Buyer Demographics & Preferences

This year, more consumers are valuing access to a private vehicle, which has led to many young city dwellers purchasing cars. Car shoppers are very focused on their monthly payments, leading more to turn to leasing. The majority of car buyers are in the suburbs, with the ages spread out fairly evenly across the adult generations.

  1. 1/3 of consumers value constant access to a private vehicle, more than before COVID-19, especially amongst younger consumers. (McKinsey)
  2. The percentage of buyers who use automakers’ financing and choose to lease has risen from 31% to 52% year over year, according to industry analyst J.D. Power. (MarketWatch)Lease and Finance Increase
  3. Around 6% of households preferred to lease cars. (Census.gov)
  4. Car shoppers are most focused on monthly payments when it comes to the price of their car. (CoxAuto)Monthly Payments
  5. While car sales overall were down in the summer of 2021, they were up among 18-35-year-olds due to the fear of contracting the virus on public transportation or in rideshares. (TheAtlantic)
  6. Gen X makes up 38% of all car buyers, followed by Baby Boomers at 32% and Millennials at 23%. (CoxAuto)Makes Up Car Buyers
  7. 61% of all car buyers live in suburban areas, with 63% of new buyers and 61% of used buyers being in suburban areas. (CoxAuto)
  8. 67% of new car buyers have an income above $75,000. (CoxAuto)
  9. People ages 25-54 purchase the most new vehicles, with SUV buyers tending to skew a bit older. (HedgesCompany)Public Transport Decrease
  10. Public transportation use for work has fallen by 69% from pre-COVID levels. (EY Global)

Online Car Buying Consumer Habits

As of 2021, there are several ways to purchase a car partially or totally online, but not everyone is on board. Consumers are still wary of purchases that are completely online, but they do want some aspects of the process to move to the digital space. However, some consumers (likely from the younger generations) are very interested in online and contactless auto shopping. Regardless, the car-buying process is certainly embracing digital aspects and making the shift to more online availability.

  1. Most consumers are not looking to buy their next vehicle online, interest in a fully online purchase process is limited to one in four consumers or fewer in other markets around the world. (Deloitte)
  2. Car shoppers visit an average of 4.2 websites when car shopping, with 81% visiting at least 2 websites. (CoxAuto)Purchase Offline
  3. The top reasons buyers prefer third-party sites are for researching vehicle pricing (64%), comparing vehicles/brand of interest (62%), and reading expert/consumer rating (62%). (CoxAuto)
  4. The purchase journey itself is happening online, but the purchase often still happens offline. (ThinkWithGoogle)Third Party Site Reasons
  5. Digital becomes more important along the entire purchase funnel. Less than ⅓ of younger consumers want to conduct car sales in-person at the dealership, and more respondents are interested in contactless service. (McKinsey)Young Consumers
  6. 18% of auto shoppers would buy a vehicle sooner if there was an online purchase option. (ThinkWithGoogle)
  7. Car shoppers express an increased desire to complete some of the car-shopping processes online, especially price negotiations and online financing. (Cars.com)
  8. 48% of consumers want to handle price negotiations online. (Cars.com)
  9. 42% say they want to handle financing online. (Cars.com)Online Car Buying

Car Dealerships Statistics

Dealerships were not able to operate as normal this year. When they finally did open, the majority of car buyers still sought them out, but dealerships have been adapting to car buyers’ preferences and needs.

  1. 61.4% of car buyers prefer to buy from a dealership (TheZebra)
  2. Dealerships are consumers’ largest source of financing for both new and used vehicles. (CoxAuto)Dealership Still Important
  3. Buyers spend almost half of their time at a dealer on negotiations and paperwork, and these are the top pain points. (CoxAuto)Negotiations and Paperwork
  4. New buyers spent less time visiting dealers, and more time researching/shopping online, researching through print, and talking to others. (CoxAuto)
  5. Dealerships are looking to respond to car shoppers’ needs. 77% offer online estimates for trade-ins, 72% offer online chat negotiations, 60% have some digital retailing and financing options, and 58% offer home delivery. (Cars.com)Dealership Response
  6. Both supply and demand are seeing an acceleration of dealers moving to digital. Dealers are now looking to buy and bid online. (CNBC)
  7. Many local dealers offering online sales do have virtual walkaround technology, test drives available at home, as well as delivery. (CNBC)
  8. Auto shoppers ranked the following activities by preference as good alternatives to a dealer visit: at-home test drive, review videos, digital showroom, online configurator, VR test drive, video conference. (ThinkWithGoogle)Dealer Alternatives

Ride-Sharing Service Trends

Prior to COVID-19, ride-sharing services were quite popular, especially in large cities. The pandemic has certainly increased the fear and mistrust of ridesharing, propelling people to use their own vehicles.

  1. More than half of American citizens are using public transit less or not at all. Compared to one-third of people in some cities around the world that have stopped using public transport altogether because of the COVID-19 pandemic. (Moovit)
  2. 40% of respondents said they are using ride-sharing services less often since the COVID-19 outbreak in the US. Of those people, 93% said they are using personal cars more often. (Cars.com)Ride Sharing
  3. 28% of people said they distrust the cleanliness of other people’s cars. (Cars.com)
  4. 77.3% of respondents think owning a car is necessary, despite the evolution of rideshare. (TheZebra)

Electric & Hybrid Vehicle Trends

While consumers still prioritize quality and affordability over sustainability, there is a clear interest in EV and hybrid vehicles. COVID-19 impacted EV sales around the world, and the market is still recovering, but it is set up to continue growing. EV manufacturers are still working to address the most common pain points, but they are definitely closing the gap, suggesting that EV vehicles have a healthy future.

50 Interesting Electric Vehicle Statistics & Trends

  1. While many think renewable energy will change the world in the next year, few of us are prioritizing sustainability when it comes to choosing auto brands. (Brandwatch)
  2. COVID-19 slowed the growth rate of EV sales across various regions. Even so, the course seems clear for growth over the next decade. (Deloitte)
  3. The recovery in EV sales is likely to be slower in the United States than in other major regions, as manufacturers delay the launch of new cars and consumers take advantage of low oil prices. (Deloitte)
  4. By 2030, BEVs (Battery Electric Vehicle) will account for 81% of all new EVs sold. (Deloitte)EV Growth
  5. Tesla blew the other (gasoline) car brands out of the water in terms of their visibility across search and social and the growth of their following. This suggests that consumers are becoming more interested in sustainability even though they do not currently value it over affordability and quality. (Brandwatch)
  6. Based on US electric car sales statistics, with 132,000 estimated sales, the Tesla Model Y was the most sought-after electric vehicle and the 25th overall best-selling car in the US in January 2021. (Automotive News)Most Popular EV
  7. The global EV forecast is for a compound annual growth rate of 29% over the next 10 years. (Deloitte)
  8. The top three consumer priorities for EV adoption in the US as of 2021 are as follows: range (61%), followed by price (50%), and finally charging infrastructure (43%). (Autolist.com)Consumer Priorities EV
  9. As EV sales continue to grow and consumers see more of them on the roads or travel in EVs owned by family or friends, we expect personal experiences to trump concerns. (Deloitte)
  10. Recent company announcements have made it clear that there will be substantially more EV models commercially available over the next decade than previously thought. (Deloitte)
  11. While governments around the world previously offered compelling financial incentives to make the electric switch, many have considered rolling back the incentives. This could have an immediate and dramatic effect on EV sales. (Deloitte)EV Hesitation
  12. Even with more OEMs offering affordable EV models, consumers are still unwilling to pay a premium for an EV instead of its ICE (Internal Combustion Engine) equivalent. (Deloitte)

Current State & Future of Car Inventory Shortage

There is currently an inventory shortage of new cars and trucks due to high consumer demand and auto industry supply-chain problems. This is mainly due to a shortage of semiconductor computer chips and other production and delivery problems related to the Covid-19 pandemic.

  1. The global car inventory supply chain has mostly stabilized in 2021. However, there are still shortages in semiconductor chip manufacturing. This is because modern vehicles are using more chips than ever before and the COVID-19 pandemic messed up supply and demand forecasts. (Erie Insurance)
  2. Manufacturers can’t meet demand because building semiconductor chips is a complex, expensive, and time-consuming process. This is the reason there are only a small number of chip manufacturers in the world. All these manufacturers are currently operating at full capacity. (Erie Insurance)Cant Meet Chip Demand
  3. It’s been reported that Ford has filled parking lots across Detroit with F-150 trucks that are yet to be completed because they are awaiting chip installation. (Erie Insurance)
  4. Shortages have had an effect on car prices, the average transaction price for a used car was $25,410 in the second quarter of 2021. That’s increased from $20,942 from the same time the year before, a 21% increase. (Edmunds)Shortage Effect on Price
  5. Semiconductor demand overtakes supply by 10% at the end of 2021. Low car inventory supply will continue across most chip types, but more pronounced in mature and legacy nodes. (BCG)
  6. Car inventory shortages are expected to continue throughout 2022, especially for Analog, Logic, and MEMS. (BCG)Demand Overtake Supply
  7. 2022 is expected to see just under 80M vehicles produced, which is 7-8M units fewer than what had been expected for 2022 in December 2020. (BCG)Less Cars Made
  8. With low used car & new car inventories and high dealer premiums, it is expected that customer frustration will continue to increase in 2022. (BCG)
  9. OEM semiconductors are used for 7 applications across 37 modules on a vehicle. Given the increasing importance of semiconductors to the auto industry, it is essential that OEMs lock in their long-term semiconductor strategy and broader partnership ecosystem now. (BCG)More Chips in Cars
  10. 2022, like 2021, will not see historical summer lows in the demand cycle which in past years has been used to rebuild inventories. (BCG)

Luxury Car Stats & Demographics

  1. Luxury brands delivered 2.2 million vehicles in 2021, accounting for 14.7 percent of total U.S. light-vehicle sales. (Automotive News)
  2. Luxury cars represented an estimated five billion dollars in revenue in the U.S. in 2021, with projected growth in 2022. (Statista)
  3. BMW was the industry leader in 2021 with 336,640 units sold. (Statista)
  4. Tesla was the second leading luxury brand producer in 2021 with 313,400 units sold. (Statista)
  5. 86% of new luxury buyers agree that they research and compare vehicles exhaustively before making a final purchase decision. (CarGurus)
  6. 66% of luxury buyers agree they rely on the opinions of peers vs. 52% of other new car buyers. (CarGurus)
  7. 75% of luxury buyers see their car as a form of self-expression. (CarGurus)
  8. Nearly half (44%) of luxury car buyers said their purchase was very or extremely urgent, compared to only 28% of new buyers overall. (CarGurus)
  9. New luxury car buyers are more likely to be Gen Z (under 25 years old) and older millennials (34 to 40 years old), and to identify as male and Hispanic or Latinx. (CarGurus)

Overall Car Buying Trends & Analysis

Car sales are steadily returning to their normal pre-covid levels, especially used cars. Sustainability through alternative-fuel vehicles is definitely among the top priorities for car buyers, because according to the latest vehicle stats, the EV market is booming. The EV market shows great promise as manufacturers work to eliminate the top consumer pain points.

The semiconductor shortage has had a major impact in 2021 and will continue to disrupt the market in 2022. This has caused major markups at dealerships along with a general inventory shortage. Buyers are either postponing their purchase or looking to used vehicles.

This year, car shoppers are very budget-conscious and are shifting to used cars. The online shopping experience continues to grow, even though most shoppers are not quite ready to make the jump to 100% digital car buying. The majority still turn to dealerships for their final purchases, and dealerships are also adjusting to add more digital processes to meet consumer demands.

https://www.caranddriver.com/features/g36278968/best-selling-evs-of-2021/
https://www.greencarreports.com/news/1132161_range-is-now-the-top-priority-for-ev-shoppers-survey-finds
https://www.focus2move.com/world-car-group-ranking/
https://autonxt.net/best-selling-suvs-in-america/
https://www.reuters.com/markets/europe/us-new-car-sales-rise-2022-pent-up-demand-edmunds-2021-12-16/
https://www.statista.com/statistics/290673/auto-loan-rates-usa/
https://www.weforum.org/agenda/2021/02/public-transport-covid-data/
https://www.thinkwithgoogle.com/consumer-insights/consumer-trends/digital-car-research-statistics/
https://www2.deloitte.com/us/en/insights/focus/future-of-mobility/electric-vehicle-trends-2030.html
https://www.forbes.com/wheels/news/car-buying-advice-navigate-shortage/
https://www.erieinsurance.com/blog/car-chip-shortage-2021
https://www.bcg.com/en-us/
https://www.cars.com/articles/ride-sharing-drops-online-car-shopping-increases-in-coronavirus-wake-419581/
https://www.thinkwithgoogle.com/consumer-insights/consumer-trends/auto-industry-impact-during-coronavirus/
https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/how-consumers-behavior-in-car-buying-and-mobility-changes-amid-covid-19#
https://b2b.autotrader.com/app/uploads/2020-Car-Buyer-Journey-Study.pdf
https://www.cnbc.com/2020/10/15/used-car-boom-is-one-of-hottest-coronavirus-markets-for-consumers.html
https://www.theatlantic.com/health/archive/2020/08/millennials-are-buying-covid-cars/615325/
https://www.brandwatch.com/blog/consumer-trends-auto-industry-2020/
https://www.ey.com/en_gl/news/2020/11/millennials-to-lead-covid-induced-car-ownership-boom-ey-survey
https://pressroom.toyota.com/toyota-motor-north-america-reports-u-s-december-year-end-2021-sales/
https://www.goodcarbadcar.net/acura-us-sales-figures/
https://www.goodcarbadcar.net/cadillac-us-sales-figures/
https://www.coxautoinc.com/wp-content/uploads/2021/02/Cox-Automotive-Car-Buyer-Journey-Study-Pandemic-Edition-Summary.pdf
https://policyadvice.net/insurance/insights/how-many-americans-own-cars/
https://www.autonews.com/sales/luxury-bmw-retains-us-crown-3rd-straight-year
https://www.statista.com/statistics/681399/luxury-vehicles-united-states-premium-vehicle-market-unit-sales/
https://dealercenter.cargurus.com/blog/who-are-todays-in-market-new-luxury-car-buyers/
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