It’s the eternal debate when shopping for a new car: should you wait for the stylish and high-tech new model to come out before you buy, or should you take advantage of a clearance sale of old models? The answer, it seems, is the latter.
According to a new study by AutoTrader.com, a total of 57 percent of car shoppers feel it is important to have the latest model, while 79 percent would rather take advantage of a sale on a current model.
“The world we live in moves quickly, and shoppers are exposed to change almost constantly,” said Rick Wainschel, VP 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.”
According to the car shopping site, consumers spend 19 hours shopping for a car, and roughly half (47 percent) feel it’s important to keep an eye out for the upcoming model, while 56 percent claim to research what is coming next.
That information is, however, likely being used merely to gain an advantage when looking to purchase a current model year car.
So what must an automaker do in order to get customers into their latest product. According to Wainschel, “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.”