Four trends that show now is a good time to be a used car buyer
Edmunds.com is predicting hat sales of used cars will rise through 2020. At the same time, used car prices are expected to decline. That's a recipe for success for used car buyers according to Carvana. The online used vehicle retailer is predicting four trends for used car shoppers.
Mainstream Cars Stay Hot
Carvana believes that demand for used cars from mass-market brands like Honda, Toyota, and Nissan will continue. In 2019 small and mid-sized cars showed the strongest price appreciation in the used-vehicle market, a trend that is expected to continue in 2020.
Consumers Choose Quality Over Everything
According to Carvana, "A recent study from Brandwatch asked consumers what attributes were most important for brands in the auto industry, quality was the most popular option with 30% of the vote. Affordability followed, with 21% of respondents choosing it as the most important attribute. Carvana has more than 8,000 cars available on their site for local buyers priced under $15,000."
Customers Continue to Get Comfortable Shopping Online
If there's one thing America can agree on, it's not politics. It's that they generally hate going to car dealerships. Shopping for vehicles online has grown tremendously over the past decade and Carvana expects that to continue, a trend driven by the ability for customers to "do it all" from financing to browsing to scheduling delivery without ever having to talk to a salesperson.
According to Carvana, 75% of car buyers are willing to purchase a car online and 97% of car buyers do online research before a purchase.
The Digital Economy Will Continue to Transform Car Buying
Technology is making it easier than ever to buy a car. New online initiatives like Cadillac Live allow customers to talk to a salesperson without leaving their couch. Getting a 360-degree view of the vehicle is possible thanks to sights from most manufacturers, and CarFax offers reports on used vehicles.