Table of Contents
Executive Summary
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- The market
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- Figure 1: Total US unit sales and forecast of new and used light vehicles, 2009-19
- Market factors
- Aging vehicle fleet could drive continued growth
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- Figure 2: Average age of passenger cars and light trucks, 2002-13
- More than one quarter of car buyers paid between $20,000 and $29,999 for vehicle
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- Figure 3: Cost of last vehicle purchase, December 2014
- The consumer
- Today’s consumer is buying new
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- Figure 4: New, used or CPO, December 2014
- Shopping is the most-cited vehicle purpose
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- Figure 5: Vehicle purposes, December 2014
- Most consumers plan to research cars online
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- Figure 6: Tools used to research vehicle purchase, November 2014
- What we think
Issues and Insights
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- Cars aren’t always for commuters
- The issues
- The implications
- Buyers likely to shop new, not used, and especially not CPO
- The issues
- The implications
Trend Applications
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- Trend: Immaterial World
- Trend: Nouveau Poor
- Trend: Slow it All Down
Market Size and Forecast
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- Key points
- Sales will grow, but rate will slow
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- Figure 7: Total US unit sales and forecast of new and used light vehicles, 2009-19
- Used cars command a higher share of the market
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- Figure 8: Total US unit sales of new and used light vehicles, by segment, 2012 and 2014
- Fan chart forecast
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- Figure 9: Total US unit sales and forecast of new and used light vehicles, 2009-19
Segment Performance
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- Key points
- Used-car growth flat, new-car growth solid, new-truck growth even stronger
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- Figure 10: Total US unit sales and forecast of new and used light vehicles, by segment, 2009-19
Segment Performance – New Cars and New Light Trucks
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- Key points
- Steady as she goes for new-car, new-truck sales
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- Figure 11: Total US unit sales and forecast of new cars, 2009-19
- Figure 12: Total US unit sales and forecast of new light trucks, 2009-19
Segment Performance – Used Cars
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- Key points
- Used cars and light trucks to see flat growth going forward
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- Figure 13: Total US unit sales and forecast of used cars and light trucks, 2009-14
- CPO market has potential for growth
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- Figure 14: Total US unit sales of total used light vehicles and CPO light vehicles, 2009-14
Market Drivers
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- Key points
- Many factors impact the car-purchasing process
- Aging vehicles force buyers’ hands
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- Figure 15: Average Age of Passenger Cars and Light Trucks, 2002-13
- Fuel prices could hurt hybrids, give trucks a boost
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- Figure 16: All grades all formulations retail gasoline prices, dollars per gallon, 2000-14
- Traditional websites rule the roost
Innovations and Innovators
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- Tesla Fights to Change Car-Buying Process
- Chrysler Uses Oculus Rift to Give Consumers a New Look
Type of Vehicle(s) Owned
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- Key points
- Despite crossover growth, mid-size and large cars still dominate
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- Figure 17: Type of vehicles owned, December 2014
Cost of Last Vehicle Purchase
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- Key points
- With an average transaction price of over $30K, many vehicle owners have paid less than that for vehicles
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- Figure 18: Cost of last vehicle purchase, December 2014
New, Used or CPO
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- Key points
- Vehicle owners slow to embrace CPO vehicles
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- Figure 19: New, used or CPO, December 2014
Vehicle Purposes
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- Key points
- Commuting, shopping, personal business are top uses for cars and trucks
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- Figure 20: Vehicle purposes, December 2014
- Even trucks are used for shopping
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- Figure 21: Vehicle purposes, by type of vehicles owned, part 1, December 2014
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- Figure 22: Vehicle purposes, by type of vehicles owned, part 2, December 2014
- Most respondents drive fewer than 20,000 miles per year
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- Figure 23: Annual miles driven, by vehicle purposes – Any rank, part 1, December 2014
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- Figure 24: Annual miles driven, by vehicle purposes – Any rank, part 2, December 2014
- Commuters more apt to purchase soon
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- Figure 25: Vehicle purposes, by plans to purchase a vehicle, December 2014
Plans to Purchase
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- Key points
- 30% of respondents will be shopping soon
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- Figure 26: Plans to purchase a vehicle, December 2014
- Income trumps age, race when it comes to purchasing
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- Figure 27: Plans to purchase a vehicle, by demographics, December 2014
- Online research is key, but old methods haven’t gone away
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- Figure 28: Plans to purchase a vehicle, by tools used to research vehicle purchase, December 2014
- Leases and financing drive near-term purchase plans
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- Figure 29: Plans to purchase a vehicle, by reasons for purchasing a vehicle, December, part 1, 2014
- Driving fun, lifestyle needs are biggest purchase factors
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- Figure 30: Plans to purchase a vehicle, by reasons for purchasing a vehicle, part 2, December 2014
- Those who bought new last time intent on buying sooner
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- Figure 31: Plans to purchase a vehicle, by new, used or CPO, December 2014
Reasons for Purchasing Vehicle
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- Key points
- High mileage and desire for new tech top list of purchase reasons
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- Figure 32: Reasons for purchasing a vehicle, December 2014
- Younger buyers looking for fun to drive vehicles, older buyers worried about resale value
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- Figure 33: Reasons for purchasing a vehicle, by demographics, Part 1,December 2014
- Figure 34: Reasons for purchasing a vehicle, by demographics, Part 2, December 2014
- High mileage, better tech, better fuel economy matter when selecting next vehicle
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- Figure 35: Reasons for purchasing a vehicle, by type of next vehicle(s) considered, Part 1, December 2014
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- Figure 36: Reasons for purchasing a vehicle, by type of next vehicle(s) considered, Part 2, December 2014
Plan Not to Purchase
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- Key points
- Holding on to vehicles longer created less demand to buy
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- Figure 37: Reasons for not purchasing a vehicle, December 2014
Research Tools
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- Key points
- Internet leads in auto research
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- Figure 38: Tools used to research vehicle purchase, December 2014
- Research methods are similar across races, ages, and genders
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- Figure 39: Tools used to research vehicle purchase, by demographics, December 2014
Involvement in Vehicle Purchase
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- Key points
- More respondents buying solely than jointly
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- Figure 40: Involvement in purchasing the next vehicle(s) for your household, December 2014
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- Figure 41: Involvement in purchasing the next vehicle(s) for your household, by demographics, December 2014
Type of Vehicle Considered for Next Purchase
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- Key points
- Mid-size cars remain strong
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- Figure 42: Type of next vehicle(s) considered, December 2014
- Compact crossovers popular with women; even parents shun the minivan
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- Figure 43: Type of next vehicle(s) considered, by demographics, Part 1, December 2014
- Figure 44: Type of next vehicle(s) considered, by demographics, Part 2, December 2014
Attitudes toward Car Purchasing Process
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- Key points
- Car buyers more likely to be “confident” than nervous
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- Figure 45: Attitudes toward car purchasing process, December 2014
- Women less confident, more stressed and nervous, than men
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- Figure 46: Attitudes toward car purchasing process, by demographics, December 2014
- Those buying soonest are the most confident
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- Figure 47: Attitudes toward car purchasing process, by plans to purchase a vehicle, December 2014
Race and Hispanic origin
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- Key points
- Hispanic buyers looking to purchase soon
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- Figure 48: Plans to purchase a vehicle, by demographics, December 2014
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- Figure 49: Reasons for purchasing a vehicle, by demographics, November 2014
Appendix – Trade Associations
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