According to the new research of Autolist, the ownership of new cars may be unstable. The study helps explain how car manufacturers are influenced by young buyers who want to buy used cars.
Is the new trend in car ownership a sign that automakers are facing difficulties? A new study by Autolist, a technology startup in San Francisco, shows that the automotive industry is about to experience an unstable trend. Autolist recently conducted a survey of 9315 individuals from September 2016 to May 2017, and the results show that buyers increasingly prefer used cars to new ones. Overall, only 34% buy new cars and 38% buy used cars
The survey results show that young buyers are most likely to choose vintage cars. 53.7% of those under 40 years old bought second-hand cars. They not only tend to look for used cars instead of new ones, but also plan to own their own cars in a shorter time. 60% of centenarians and 47.4% of millennials plan to own the next car within five years. This is a significant difference from 39.2% of the baby boomers who plan to own the next car in five years. So what do these data mean for auto manufacturers?
Cadillac and Audi are lucky. More than 3/4 of buyers hope to buy new cars again within 5 years. 77.1% of Cadillac and 75% of Audi are estimated to buy other cars within 5 years. Others like Subaru may want the car owner to come back some time in five years. 73.6% of Subaru owners have kept their cars for more than 5 years.
This may mean that people who are interested in buying luxury cars have more disposable income and are not interested in using cars as long-term investments. How do you think this trend will affect the automotive industry?
Autolist surveyed 9315 individuals from September 2016 to May 2017. Collect answers and let all 50 states represent. The data samples are accurate within the 95% confidence interval, with an error range of+/- 2%. In 2017, 100 year olds were defined as 16-24 years old, millennials as 25-39 years old, Generation X as 40-54 years old, baby boomers as 55-69 years old, and traditionalists as individuals over 70 years old. Calculate according to existing statistics(average, difference, etc.)