New Car Shoppers Would Rather Get A Better Deal On A Current Model Than Delay Purchase For A Redesign
ATLANTA--April 11, 2013: Howimportant is it to shoppers to get the latest redesign of a new vehicle? According to recent data from the AutoTrader Trend Engine, the answer among a majority of shoppers is: not very important.
An online survey conducted by AutoTrader revealed that 57 percent of shoppers do not feel that it is important to have the latest redesign, and an even larger majority (79 percent) would rather take advantage of a good deal on the current model instead of delaying their purchase for the newest design.
"The world we live in moves quickly, and shoppers are exposed to change almost constantly," said Rick Wainschel, vice president of automotive insights at AutoTrader. "From computers to phones to TVs and even cars, the next 'new' release seems to be always just around the corner, making it harder for people to have the latest and greatest for very long. In that environment, especially with such a large purchase as a car, many consumers seem to feel that good is good enough, particularly if it will save them some green."
Additionally, the survey also showed that while consumers are not set on getting the latest design, nearly half (47 percent) feel that it is important to be aware of upcoming redesigns, and 56 percent actively research upcoming designs. However, they are likely using this information to get a good deal on the current model.
While these stats may be disconcerting for OEMs who invest significant time and money into redesigning their vehicles, there is a good lesson to be learned.
"People spend more than 19 hours shopping for a vehicle and typically have a wide consideration set, giving OEMs ample opportunity to influence shoppers," Wainschel continued. "However, automakers will have to tell a holistic and compelling story about what is new and improved in order to have the best chance of convincing shoppers that the new design is truly worth waiting for."