Car Purchasing Process - US - April 2016 Description
Mintel International Group Ltd.
Car Purchasing Process - US - April 2016
Over 55 million new and used vehicles were sold in 2015 and many consumers are still eager to buy in the coming year. Yet the landscape is shifting, and the consumer attitudes that led to strong sales over the past five years are unlikely to be repeated. Two main market drivers, pent-up demand/vehicle replacement and desire for fuel efficiency, are less important to consumers in the current market. New vehicles with features based on innovative technology are most likely to attract the next generation of buyers.
This report examines the following issues:
Car sales continue strength and reach prerecession levels
Replacement of old vehicle drives demand but trend is waning
Falling gas prices alter car buying demands