PR & News Prices Up, Selection Down - Shoppers Say.

[Jeff Kershner]

Latest CarGurus survey indicates how the pandemic has affected when, how and why consumers shop for cars.

• Consumers perceive vehicles as costing more now than last spring.
• Shoppers assume the great deals during the early days of the pandemic are over.
• More than one in four expected higher prices.
• Consequently, 62% say they are considering more than one brand
• 42% are considering more than one type of model.
• OEM's still playing catch-up from when COVID-19 shut down production
• Top reasons for delayed purchases involve financial security
• Consumers are increasingly considering Digital Retail options

Here's the summary of the report over on WARDS Auto.

More findings of the latest CarGurus COVID-19 Sentiment Study.

 

[Wmpiam]

An effective spin on this I have found is that people are getting more on trades now than they would have otherwise. For folks trading into new units the rebates and other incentives are still impressive. Unfortunately with new stock being limited, sold orders are at an all time high in my BC.