While recent research data concerning luxury shopper behavior shows that almost 40 percent of luxury owners are less likely to purchase a used car than mass-market owners, a growing number of shoppers in this audience are increasingly cross-shopping used and certified pre-owned vehicles.
Amid the rise of off-lease vehicles which continue to enhance the used-car population, CPOs have become a progressively more attractive option for car buyers, according to data from Jumpstart Automotive Media 's eighth annual Insights Book.
Luxury owners who research and consider non-luxury vehicles grew from 10 percent in 2016 to 13 percent last year. A growing number of luxury owners cross-shopping used options illustrates a widening appeal for used cars among luxury owners.
“Luxury shoppers, in particular, are placing increased focus on brand experience and innovation when shopping for their next vehicle,” Jumpstart’s marketing and strategic insights vice president Libby Murad-Patel said in a news release.
“That being said, we’re seeing a healthy amount of cross-shopping between luxury brands, as well as luxury shoppers looking at CPO or used vehicles (plus 36-percent in 2017) and at the same time loyalty is a challenge for all automakers.”
When communicating with car buyers, automotive marketers can highlight a CPO vehicle’s unique values to address the challenge, she went on to explain.
“This presents a great opportunity for marketers in placing greater emphasis on a vehicle’s unique values while addressing quality, longevity, versatility and maintenance concerns up front,” Murad-Patel said.
Elsewhere in the study, Jumpstart data focused on luxury shopper behavior alone, suggests that dealers can obtain a better return on a luxury purchase considering their owners are more likely to come back.
Because most luxury-vehicle owners have their cars serviced at the dealership, selling to more luxury buyers can potentially lead to added service department traffic. According to Jumpstart, three out of four of luxury owners use the dealership for service and 34 percent of all shoppers are researching luxury vehicles on its sites.