SANTA MONICA, Calif., Oct. 12, 2020 (GLOBE NEWSWIRE) -- TrueCar, Inc., the most efficient and transparent online destination to find a car, released the fifth wave of its study into the impact of the pandemic on vehicle shopping and vehicle shoppers’ needs, six months into the COVID-19 pandemic.
“At the six-month marker, it’s encouraging to see that fewer shoppers now report being less likely to purchase a vehicle due to the pandemic than at any point during our research series,” said Wendy McMullin, Head of Research at TrueCar. “Shopper concerns over vehicle affordability stood out, however, and we expect that trend to continue while inventory remains limited.”
In TrueCar and ALG’s latest automotive industry forecast, average new car transaction prices are projected to have increased by 3.5% year-over-year for September 2020 reaching $36,541 while automaker incentive spending is projected to be up 5.3% year-over-year for September 2020 reaching $4,001.
“As affordability concerns rise and new car inventory shortages continue, we can expect to see more consumers gravitating toward the used market where strong sales the past three to five years as well as high leasing adoption have resulted in a strong supply of late model used vehicles” said Nick Woolard, Director, OEM Analytics. “We also foresee new car shoppers expanding their consideration set to brands with lower cost entry level models in the popular utility and CUV segments to help drive down vehicle costs.”
Highlights from the Study Include: Study fielded 9/23/20 with a population of 1,200 (U.S. Covid-19 cases 7.1M, U.S. COVID-19 deaths 206,000)
“Fewer car shoppers are now expressing concern over being exposed or exposing others in their vehicle shopping than at any other point in our COVID-19 research series,” added McMullin. “Despite this, consumers’ desire to do more online and visit fewer dealerships is at its highest point now, hinting at a longer-term trend beyond the pandemic.”
Graphis accompanying this announcement are available at:
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About TrueCar
TrueCar is a leading automotive digital marketplace that enables car buyers to connect to our nationwide network of Certified Dealers. We are building the industry's most personalized and efficient car buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new and used cars – all with a clear view of what's a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency and fairness are the foundation of a great car buying experience. As part of our marketplace, TrueCar powers car-buying programs for over 250 leading brands, including AARP, Sam’s Club, and American Express. Nearly half of all new-car buyers engage with TrueCar powered sites, where they buy smarter and drive happier. TrueCar is headquartered in Santa Monica, California, with offices in Austin, Texas and Boston, Massachusetts.
For more information, please visit www.truecar.com, and follow us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US toll-free) | Email: pr@truecar.com