Understanding what car buyers want is fundamental to success in the automotive retail space, with dealers regularly relying on accurate and up-to-date consumer data to make business-critical decisions about tactical finance offers, targeted promotional campaigns, and stock.
However, working out what current and future buyers are really looking for is becoming increasingly difficult, even for the most discerning car sellers. Why? Well, it all comes down to choice.
Put simply, today's consumers are faced with more choice than ever before. New technology and powertrains, different ways of buying and exciting new brands fresh to the market are just a few of the options facing buyers today. Never has there been so much choice for consumers as to what to buy, where to buy it and how to pay for it.
While this is fantastic news for those in the market for a new set of wheels, allowing them to curate or find the car perfect for their lifestyle, it can make identifying emerging buyer trends particularly difficult for dealers. If everyone wants something different, how do you know what's going to sell?
Thankfully, that's where heycar's 2024 Buyer Behaviour Report can help. After asking more than 2000 UK car buyers what they think, feel, and do when purchasing a vehicle, the experts at heycar have compiled an extensive report that unravels today's most prolific buying trends. Their aim: to help dealers get a clearer picture of what their customers are truly looking for and how they buy their cars in today's market.
Here, we've spotlighted five of the most valuable stats from the report that can help you drive sales and boost revenue in today's turbulent market. For more in-depth analysis, download the full 2024 Buyer Behaviour report below.
Download the heycar Buyer Behaviour Report
#1 More than 50% would consider buying their next car fully online
Despite still being in its relative infancy, entirely online car buying has seen a significant uptake in recent years and months – 12% of those surveyed said they expect to buy their next car completely online, while 46% would consider it as an option.
However, traditional in-person purchasing is still the preferred method and is set to remain so for the foreseeable future: 65% said they're most likely to buy their next car in person at a brick-and-mortar dealership.
But it's actually a hybrid approach, where some elements of the buying process are fulfilled online, which appeals to most prospective buyers – 86%, to be exact. For dealers looking to rise above the competition, this means having a slick, intuitive website blended with top-draw customer service is a recipe for success.
#2 More than 1 in 2 buyers will choose an EV or hybrid as their next car
While electric and hybrid cars made up just 17% of the vehicle parc among those surveyed, more than half expect to switch to electrified driving when they purchase their next vehicle.
