It’s that time of year again, and today’s lesson is: Consumer buying trends.

During the pandemic, everyone asked, what’s the “new normal” going to be?

It’s been five years now — and we know. Post-COVID, consumers have become more conservative. They are more concerned about reliability and the “future cost” of the next car they buy.

It’s not only the initial purchase price that they’re concerned about, but also what expenses they’ll face after the purchase, especially during their loan period. Consumers place more value in a vehicle’s history and condition rather than just the traditional options or features. This is partly because most vehicles today come with many standard features that used to be optional. Power windows, power locks, tilt and telescoping steering wheels, cruise control and air-conditioning are now a given — and expected.

So what are consumers really concerned about now?

  • Where did the dealer get the vehicle?
    • Consumers prefer trade-ins.
  • Who owned it before?
    • Consumers prefer personally owned or, better yet, personally leased vehicles.
  • What did the dealer find wrong with it?
  • What did the dealer fix?
  • Have the tires and brakes been replaced?
    • These are the two largest expenses owners will face during a loan period.
  • Does this vehicle come with any level of warranty?

Dealers need to address these concerns when describing the inventory in their listings. Descriptions that are VIN-driven and list only the standard features simply won’t address these questions adequately for shoppers.

No two used vehicles are the same even if they are the same model year, brand, model and equivalent mileage. Every vehicle has its own unique history and story. Dealers need to tell that story in their descriptions.

When a description successfully tells the unique story of a vehicle, dealers are no longer handcuffed to average market pricing. There are history elements that add value, such as HOMEGROWN, well-maintained, personally owned, accident-free and one-owner. These elements are worth more to today’s buyers and they are willing to pay more to get the right vehicle. But shoppers need to understand why it’s priced above market.

Dealers, remember this: Spend more time where you make money and you’ll make money by writing quality descriptions that set your vehicles apart in the market place and that answer the questions that today’s buyer are worried about.

 

 

-Just The Fax

By Robert Grill, Carfax Director of Partner Development

Read Just The Fax on Auto Remarketing | Follow Our Podcast | Email Bob Grill