Edmunds: Used-Car Registration Share Still Strong, But Hits 5-Year Low
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SANTA MONICA, Calif. –
While the percentage of consumers who say they are only considering a new car is significantly higher than the share of used-only shoppers, actual registration data tells a different story.
That’s according to the 2013 Edmunds.com Car Shopping Trends Report, which broke down some consideration and registration data in the new- and used-car markets.
Per the Edmunds.com/Added Value survey, the site found that more than two-fifths (43 percent) of car shoppers are only looking at new vehicles, about a quarter (24 percent) are only shopping for used, 30 percent would consider both and 3 percent were unsure.
That said, Edmunds report indicates that “actual data skews more toward used,” as used cars represented roughly three-fourths (74.2-percent) of all vehicle registrations in the U.S.
Here’s the caveat, though: that 74.2 percent share was the lowest in the past five years, Edmunds said.
In another used-car finding from the report, Edmunds cites Polk data showing that average gap between used- and new-car buyers has shrunk in the last four years.
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The average new-car buyer is now four years older than the average used-car buyer; in 2009, new-car buyers had 6.5 years on their used-car counterparts.
For more from the report, see our story here.
Joe Overby can be reached at [email protected]. Continue the conversation with Auto Remarketing on both LinkedIn and Twitter.