40% of Car Shoppers Willing to Pay $5000 over MSRP for a New Car
Cox Automotive study finds that people know cars are in short supply right now, and in addition to those willing to overpay, a third of buyers are just going to wait.
www.caranddriver.com
A report in April showed prices were around 4 percent higher than a year before, ...
- Over a third of shoppers looking now say they’d wait to buy, given the high prices, and a quarter of those people say they'll buy used instead.
Cox Automotive released a study this week showing just how receptive buyers are to higher prices. Forty percent, Cox found, would not shy away from being charged a 12 percent premium. Given that the average new-car MSRP in the U.S. is almost $42,000, that means four in 10 people would accept a price that’s $5000 more than what the sticker says.
Despite the higher expected prices, only 37 percent said they’d wait to buy a vehicle, with 70 percent of those saying they’ll wait at least three months to purchase and 23 percent saying they’ll look at used vehicles, instead.
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research shows nearly 40 percent of buyers who were considered 'in market' for a vehicle are now dropping out or deciding to delay their purchase.
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According to iSeeCars, the fastest-selling cars in the U.S. last month were the Chevrolet Corvette (average price $87,390), the Jeep Wrangler 4xe ($57,161), and the Kia Telluride ($44,723). Fastest-selling means these vehicles spent the shortest time waiting on dealer lots for someone to take them home.
U.S. New-Vehicle Shoppers Expect Limited Choices, High Prices - Cox Automotive Inc.
ATLANTA, May 11, 2021 – New consumer research conducted by Kelley Blue Book indicates consumers in-market for a new automobile are expecting to be greeted by limited choices and high prices. The research, which involved surveying consumers during the final full week of April, found that three...
www.coxautoinc.com