Description

This CPO and used vehicles market report offers a review of how the industry is performing. Consumer preferences are analyzed to enable effective targeting, with relevant data-backed opportunities discussed. Below, we’ve summarized the key areas covered and offer handpicked insights from the report itself.

Key Areas Covered

  • When consumers intend to purchase; how much they intend to spend.
  • Consumers’ consideration of CPO/used vehicles.
  • Sources of information used.
  • Familiarity and understanding of CPO offerings.
  • Factors weighed among consumers considering CPO/used vehicles.
  • Attitudes toward CPO/used vehicles.

CPO and Used Vehicle Market Outlook

2023-24: Economic influences and supply chain disruptions affect the availability of new vehicles. While new vehicle supplies improve, consumers continue to consider used alternatives. Little to no real-term growth.

2025-28: During this period, the CPO and used vehicle industry is expected to rebound. New vehicle disruptions ease resulting in reductions in used vehicle pricing, despite some economic influences lingering. Real-term growth predicted.

The CPO and Used Vehicle Consumer

  • Consumer price expectations: Gen Z consumers have tighter budgets and less shopping experience than Millennials, so it’s essential to show them value, such as long warranties and affordability.
  • CPO awareness: 57% of consumers have heard of, and know at least a little about CPO. Limited understanding is mainly among younger consumers. As such, brands can create targeted marketing toward consumers with the most limited awareness.
  • Consumer priorities when buying used/CPO: Consumers perceive transparency to be a benefit of buying a used car online. Find out how to capitalize on this in the full report.

This report offers a complete analysis of opportunities in the CPO and used vehicles industry. You may also be interested to browse our library of automotive market research.

Additional Features Included in Your Report

Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Excel Databook.

Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.

Expert Analysis

Leading automotive analyst Gabe Sanchez provides in-depth expert insight with this report.

Economic factors and barriers to new vehicles drive consumers’ interest in CPO/used cars. Educating consumers on these offerings will be critical in their adoption.

Gabe Sanchez, Analyst

 

Gabe Sanchez
Automotive Analyst

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

  2. Consumer Insights

    • Consumer fast facts
    • Purchase time frame and type of purchase
    • Price expectations
    • Graph 1: consumer pricing expectations for their next vehicle, by generation, 2023
    • Graph 2: consumer pricing expectations for their next vehicle, by race and Hispanic origin, 2023
    • Consumer familiarity with CPO
    • Graph 3: consumer knowledge of CPO programs – have heard of CPO, by generation, 2023
    • Graph 4: consumer knowledge of CPO programs, by financial situation, 2023
    • Sources of learning
    • Graph 5: information sources used, by gender, 2023
    • Graph 6: share of spend, by select sources, YTD
    • Graph 7: top sources of learning, by generation, 2023
    • Important factors
    • Graph 8: important factors when buying used/CPO, 2023
    • Graph 9: important factors when buying used/CPO, by generation, 2023
    • Attitudes toward used and CPO vehicles
    • Graph 10: attitudes toward CPO vehicles – perceptions, by generation, 2023
    • Graph 11: attitudes toward CPO – cost, by race and Hispanic origin, 2023
    • Graph 12: attitudes toward CPO vehicles – innovation, by generation, 2023
  3. Competitive Strategies

    • Opportunities
  4. The Market

    • Market context
    • Market drivers
    • Market size and forecast
  5. Appendix

    • Additional advertising examples

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

Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

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Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Also, our reports come in PDF, Powerpoint, Word and Excel Databook formats.

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