Even so, the numbers indicate the automotive sector may be experiencing the same shift in buyer trends as the consumer electronics market. Apple, for instance, saw a huge swell in sales when the company began offering older generation iPhone units at a lower cost alongside the newest models.
Still, buyers keep a close eye on the newest cars. The survey revealed 47 percent of respondents believe it's important to be aware of upcoming redesigns, while 56 percent actively search for those redesigns, though buyers are using that information as a bargaining tool to get a good deal on vehicles currently for sale. You can check out the full press release below for more information.
Apr 11, 2013
ATLANTA, April 11, 2013 /PRNewswire/ -- How important is it to shoppers to get the latest redesign of a new vehicle? According to recent data from the AutoTrader.com® Trend Engine, the answer among a majority of shoppers is: not very important.
An online survey conducted by AutoTrader.com revealed that 57 percent of shoppers do not feel that it is important to have the latest redesign, and an even larger majority (79 percent) would rather take advantage of a good deal on the current model instead of delaying their purchase for the newest design.
"The world we live in moves quickly, and shoppers are exposed to change almost constantly," said Rick Wainschel, vice president of automotive insights at AutoTrader.com. "From computers to phones to TVs and even cars, the next 'new' release seems to be always just around the corner, making it harder for people to have the latest and greatest for very long. In that environment, especially with such a large purchase as a car, many consumers seem to feel that good is good enough, particularly if it will save them some green."
Additionally, the survey also showed that while consumers are not set on getting the latest design, nearly half (47 percent) feel that it is important to be aware of upcoming redesigns, and 56 percent actively research upcoming designs. However, they are likely using this information to get a good deal on the current model.
While these stats may be disconcerting for OEMs who invest significant time and money into redesigning their vehicles, there is a good lesson to be learned.
"People spend more than 19 hours shopping for a vehicle and typically have a wide consideration set, giving OEMs ample opportunity to influence shoppers," Wainschel continued. "However, automakers will have to tell a holistic and compelling story about what is new and improved in order to have the best chance of convincing shoppers that the new design is truly worth waiting for."
Created in 1997, Atlanta-based AutoTrader.com is the Internet's ultimate automotive marketplace. As a leading resource for car shoppers and sellers, AutoTrader.com aggregates millions of new, used and certified pre-owned cars from thousands of dealers and private sellers and provides expert articles and reviews. AutoTrader.com, which also operates the AutoTraderClassics.com auto marketing brand, is wholly owned by AutoTrader Group. Additionally, AutoTrader Group owns Kelley Blue Book (KBB.com®) as well as four other companies that provide a full suite of software tools that help dealers and manufacturers manage their inventory and advertising online: vAuto®, HomeNet Automotive®, VinSolutions® and Automotive Information Systems (AIS). AutoTrader Group is a majority-owned subsidiary of Cox Enterprises. Providence Equity Partners is a 25 percent owner of the company and Kleiner Perkins Caufield & Byers is also an investor. For more information, please visit http://press.autotrader.com.