July 12th, 2023, Lesley Simeon
Auto retailer, Sonic Automotive, is indefinitely suspending operations at eight of its used car EchoPark locations and other delivery/buy centers. Faced with lower used-car availability and higher wholesale pricing, the company now reportedly aims at allocating more vehicles to key markets and increasing capacity to address prevalent demand in those markets.
We look at YouGov data to see what the appetite among the general US population for used cars in the next 12 months looks like.
According to YouGov Profiles, which covers demographic, psychographic, attitudinal and behavioral consumer metrics, 12% of the general US population intends to buy a used car and 11% of them expect to buy a certified pre-owned car in the coming 12 months.
Profiles data also shows that of the Americans who expect to buy a used or certified pre-owned car in the next 12 months 44% are Millennials, 28% are Gen X followed by Baby Boomers at 16% and Gen Z at 11%.
Further, we also looked at YouGov data to see how much are Americans, who intend to buy a used or certified pre-owned car in the next 12 months, willing to spend on the car purchase.
YouGov data shows that 21% of this audience is willing to spend between $10,001 to $20,000 on their next car purchase and 14% expect to spend between $5,001 to $10,000.
On engine types, 52% of Americans who expect to buy a used or certified pre-owned car in the next 12 months would opt for petrol. Profiles data shows that 26% would consider a full hybrid engine and 23% would consider going electric. Diesel and plug-in hybrid (17% each) wrap up the top five engine types the group would consider.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
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