Key Insights from the Survey

• Buyer Frustration:
• 28% of buyers are considering going carless due to market challenges.

• Only 40% found vehicles within their price range.

• Top Brands in Demand:

• Toyota, Honda, and Hyundai are the most sought-after.

• Semiconductor Shortage Impact:

• Pandemic-related supply chain issues continue to delay production.

Challenges in Car Shopping

• Flexibility is Crucial:

• 60% of buyers settled for vehicles outside their preferences (e.g., higher prices, fewer features).

• Budget Constraints:

• Average buyer budget: ~$21,000.

• A Seller’s Market:

• High prices benefit sellers but strain buyers.
• Urban Buyers: Prefer new cars (67%).

• Rural Buyers: Favor used cars (63%).

• Encouraging Trends:

• Inventory is improving, with hope for price stabilization.
• Modern cars’ advanced technology and durability justify higher costs.

Alternative Solutions

• Consider Going Carless:
• Over 25% of buyers are open to alternatives like public transit, biking, carpooling, or ride-sharing.

• Younger drivers (18-25) are more likely to embrace this lifestyle than baby boomers.

• Adjust Preferences:

• SUVs are the most desired, followed by trucks.

• Minivans, though less popular, offer practical solutions.

• Adapt Travel Habits:

• Increase in carpooling and shared transportation.
• Ride-share usage declined during the pandemic but may rebound.

Generational and Regional Insights

• Generational Preferences:
• Gen Z: Prioritize back-up cameras.
• Baby Boomers: Focus on fuel economy and durability.

• Affordability is a bigger concern for older buyers.

• Urban vs. Rural Needs:

• Pickup trucks are more popular in rural areas (15%) than urban ones (5%).

Looking Ahead

• Patience and Flexibility:
• Essential for navigating the current market challenges.
• Exploring Alternatives:
• Adjusting travel habits or vehicle preferences can ease frustrations.
• Improving Inventory Levels:
• Broader options may soon align with budgets and needs.

Tip for Sellers:

Leverage the high demand for used cars. Trading in your current vehicle can lead to better deals on new purchases!

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