2024
9
US Shopping for a Car Online Market Report 2024
2024-05-14T17:02:54+01:00
REPFB7ED8F9_D643_49AD_B39C_9AF5279C9903
3695
172981
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Report
en_GB
In a dynamic automotive landscape, consumers indicate an interest in online car shopping. Addressing concerns and showcasing benefits will be crucial for growth.Gabe Sanchez, Automotive Analyst…

US Shopping for a Car Online Market Report 2024

£ 3,695 (Excl.Tax)

Report Summary

In a dynamic automotive landscape, consumers indicate an interest in online car shopping. Addressing concerns and showcasing benefits will be crucial for growth.

Gabe Sanchez, Automotive Analyst

Table of Contents

  1. Executive Summary

    • What you need to know
    • Consumer trends: key takeaways
    • Consumer trends: key takeaways (cont'd)
    • Market predictions
    • Opportunities
    • Opportunities (cont'd)
  2. Market Dynamics

    • Market context
    • Consumers feel increasingly confident
    • Market drivers
    • Consumers are the most upbeat they have been in nearly three years
    • Graph 1: consumer sentiment index, 2021-24
    • Consumers' financial outlooks are increasingly optimistic
    • Graph 2: opinions on financial future, 2023/24
    • Price of new and used vehicles remains elevated
    • Younger consumers will make up a larger share of buyers
    • Multicultural consumers present growth opportunity
    • Average age of vehicles on the road has increased
    • Vroom ceases online used car business
  3. Consumer Insights

    • The consumer: fast facts
    • The online car consumer: fast facts
    • The online car consumer: fast facts (cont.)
    • Purchase time frame and consideration
    • Consumers still interested in purchasing
    • Graph 3: car purchase intent, 2024
    • Target younger consumers in the short term
    • Graph 4: car purchase within the next year, by age and gender, 2024
    • Assist women in navigating the current market
    • Children drive purchasing
    • Graph 5: car purchase intent, by parental status, 2024
    • Fit into parents' busy schedules
    • Consumer considerations go beyond new vehicles
    • Graph 6: vehicle type consideration, by age, 2024
    • Consumers call for other offerings
    • Graph 7: attitudes toward online car shopping for new and used cars, any agree, by age, 2024
    • Room for growth
    • Household income restricts consumers' consideration
    • Graph 8: vehicle type consideration, by household income, 2024
    • Limited budgets drive multicultural consumers towards used vehicles
    • Launch a total cost estimation tool for transparent car buying
    • Graph 9: consumer interest in knowing the estimated cost of ownership before purchasing a new car online, any agree, by age, 2024
    • Provide more financing options to appeal to younger consumers
    • Graph 10: consumer interest in having more resources to help understand vehicle financing, any agree, by age, 2024
    • Graph 11: consumer agreement that there should be more financing options when purchasing a car online, by age, 2024
    • Drive financial education in car buying with budgeting tool partnerships
    • The online car buying experience
    • Consumers display strong interest in online car shopping
    • Consumers display strong interest in online car shopping (cont.)
    • Graph 12: online car buying experience, by gender, 2024
    • Opportunity across generations
    • Graph 13: online car buying experience, by age, 2024
    • Parents are interested in online car buying
    • Graph 14: online car buying experience, by parental status, 2024
    • Urban consumers look to purchase online
    • Graph 15: online car buying experience, by living area, 2024
    • Perceived benefits of online car shopping
    • Honesty is the best policy
    • Honesty is the best policy (cont.)
    • Graph 16: online car shopping benefits (any rank), 2024
    • Highlight online car buying as a stress-free process
    • Graph 17: consumer agreement that buying online could make the car purchasing process less stressful, by age, 2024
    • Convenience most appealing to younger consumers
    • Graph 18: online car shopping benefits (any rank), by age, 2024
    • Use transparency and ease to win over consumers aged 55+
    • Tesla's 'no haggle, no hassle' pricing policy
    • Concerns surrounding online car shopping
    • Ease consumers' concerns
    • Ease consumers' concerns (cont.)
    • Graph 19: online car shopping concerns (any rank), 2024
    • Leverage technology to bridge the gaps
    • Improve perceptions among women
    • Graph 20: online car shopping concerns (any rank), by gender, 2024
    • Consumers across age groups indicate varying concerns
    • Graph 21: online car shopping concerns (any rank), by age, 2024
    • Appeal to parents' search for convenient services
    • Graph 22: attitudes toward online car shopping, any agree, by parental status, 2024
    • Ways to reach parents
    • Resources used
    • Trust and experience drive consumers' interest in online car shopping
    • Graph 23: attitudes toward online car shopping, any agree, by gender, 2024
    • Younger consumers drive digital evolution of car buying
    • Graph 24: attitudes toward online car shopping, any agree, by age, 2024
    • Blend online and in-person research to drive usage
    • Graph 25: resources used, 2024
    • Automaker websites witness slight decline in usage
    • Graph 26: automaker website usage, 2022 vs 2024
    • Automakers shift to used platforms
    • Younger consumers are more likely to leverage sources
    • Graph 27: resources used, by age, 2024
    • Men are the driving force behind usage
    • Opportunities for growth among other groups
    • Produce family-focused content to appeal to parents
    • Graph 28: resources used, by parental status, 2024
    • Research approach
    • Appeal to consumers' diligence
    • Appeal to consumers' diligence (cont.)
    • Graph 29: online car purchasing approach, 2024
    • Appeal to younger consumers' need for guidance
    • Graph 30: online car purchasing approach, by age, 2024
    • Ways to reach consumers
    • Position online car buying as a level playing field
    • Graph 31: online car purchasing approach, by gender, 2024
    • Be transparent to empower women in car buying
    • Family and friends are a critical component of younger consumers' purchasing
    • Get creative with educational tools
    • Graph 32: consumer likeliness to carry out research behaviors, by age, 2024
    • Carvana highlights money-back guarantee
  4. Competitive strategies

    • CarMax offers up-front financing
    • CarMax reduces money-back guarantee window
    • Carvana partners with NRG esports
    • Stellantis expands SPOTiCAR to US
    • Carvana deploys same-day delivery
    • Carvana launches value tracker
    • Opportunities
    • Showcase comparison capabilities
    • Position online car buying as a sustainable practice
    • Continue to bridge the gap between physical and virtual research
    • Highlight limited dealership interaction
    • Improve the user experience of automaker websites
    • Educate consumers on CPO offerings
    • Highlight hybrid and electric vehicles' availability
  5. Appendix

    • Market definition
    • Consumer research methodology
    • Generations
    • Abbreviations and terms

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

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*databooks not available with UK B2B Industry reports.

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