63% of car buyers identified their new vehicles on social media.
With the rise of social media, car buyers are now able to easily find their desired vehicle by browsing through various platforms. Platforms like Facebook, Instagram, and Twitter have become popular platforms for car dealerships and individual sellers to showcase their vehicles for sale. Car buyers can view photos and videos of the vehicles, get an idea of the features and specifications, and even connect with the seller or dealership directly through the platform. Social media also provides car buyers with an opportunity to do research and gather opinions from their friends and the online community, before making a final decision. As a result, social media has become a convenient and accessible tool for car buyers in their journey to find their dream vehicle.
77% of automotive shoppers are open to multiple makes.
Auto shoppers today are more open-minded and willing to consider multiple makes when searching for their next vehicle. Gone are the days when drivers were loyal to just one specific make. With advancements in technology and the increasing quality of vehicles produced by different manufacturers, auto shoppers are now willing to explore the options available to them. The internet and social media have also made it easier for auto shoppers to research different makes and models, and compare features, specifications, and prices. This has resulted in a more informed and empowered consumer, who is not restricted by brand loyalty. Whether it’s a Japanese, American, German, or Korean make, auto shoppers are now open to considering all the options available to them, in their quest for their perfect vehicle.
A used car buyer is 77% more likely than a new car buyer to purchase within 24 hours of prospecting.
Used car buyers are far more likely to make a purchase within 24 hours compared to new car buyers. This is because used car buyers usually have a clear idea of what they are looking for, and are often in a hurry to find a suitable vehicle. They may have a specific make and model in mind, and are often motivated by the need to upgrade their current vehicle or to replace a vehicle that is no longer functioning. On the other hand, new car buyers tend to take their time researching and comparing different options, and are often more focused on getting the best deal and the latest features. Additionally, new car buyers may have to wait for the delivery of their desired vehicle, which can take several weeks or even months. This can result in a longer purchasing process compared to used car buyers. Therefore, it is more common for used car buyers to make a purchase within 24 hours, as they are often in a more urgent need of a vehicle.
Car shoppers are increasingly relying on online research to inform their purchase decisions.
Car shoppers are increasingly relying on online research to inform their purchase decisions. And this will only increase in the future. With the convenience and accessibility of the internet, many car shoppers are now able to research different models completely online without having to physically visit a dealership. This has become especially important during the COVID-19 pandemic, where in-person interactions have been limited. Car shoppers can compare specifications, features, and prices of different models, read reviews and ratings from other car owners, and even complete the purchase process online. Some car dealerships have also embraced this trend and offer virtual showrooms, online financing options, and home delivery services to make the car buying process as seamless and convenient as possible. As a result, it is now more common for car shoppers to research models completely online for their most recent purchase, and to make informed decisions from the comfort of their own homes.