Shoppers Are Starting To Shun New Cars In A Troubling Sign For The Auto Industry | Carscoops carscoops
. That’s the highest level since 2016 and the report notes some of the most important demographics are turning away from new cars.Among likely Gen Y and Gen X buyers, who are between the ages of 25-42 and 43-57, only 37% plan to purchase a new vehicle in the next two years. That’s down 8% from July of 2020 and GfK AutoMobility noted the “levels are similar for those intending to get a new or used vehicle in the next 3 months, 6 months, or 1 year.
Households earning $150,000 or more are also showing less interest in new cars as only 72% of 3-month intenders are expecting to purchase a new vehicle. While that’s significantly higher than lower income brackets, it’s still a 5% drop since January of this year. The report also notes the mood of consumers is gloomy as only 21% think it’s a good time to buy a vehicle. Those levels haven’t been seen since the Great Recession and a majority of consumers think it’s a good time to wait.
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