Cars.com Survey Shows More Car Shoppers Switching From New- to Used-Car Purchases
March 09 2009 - 2:05PM
PR Newswire (US)
Certified Pre-Owned and Used Activity Continues to Gain CHICAGO,
March 9 /PRNewswire/ -- According to a recent Cars.com survey, 32
percent of car shoppers who were thinking of buying a new car are
now looking for a more affordable used car as a result of the
economy. That's up 5 percent from last October, when 27 percent of
in-market shoppers said they would switch from buying new to buying
used. Certified pre-owned and used-car shopping activity continues
to be strong on Cars.com, with consumer contact to dealers through
the Cars.com website up 18 percent year-over-year for used cars,
and more than double that for certified pre-owned cars. "Consumers
are still focused on cost-cutting, and one way to do that is to
find a solid used car to help save on the depreciation costs that
typically come with buying a new car," said Cars.com Editor in
Chief Patrick Olsen. "Manufacturer certified pre-owned programs
also offer consumers a good value by giving them some of the
benefits of a new car - extended warranties and certified
inspections - but with the price of a used car." According to the
survey, consumers are also showing an increased willingness to
extend the financing on their purchase. Currently, the median
length of time consumers consider acceptable for a car loan is 60
months, up from 48 months just five months ago. However, the
biggest change in the past 5 months has been the number of
consumers willing to accept a loan of either 72 or 84 months, which
has jumped from 10 percent to 26 percent. "Obviously, the economy
has consumers looking for ways to save by extending loans and
cutting monthly payments," Olsen said. "However, the real risk with
that is consumers may wind up upside-down on their loan, owing more
money on the car than it's worth. Consumers looking for these types
of loans are better off looking for cars that hold their value
longer." About Cars.com Cars.com is the leading destination for
online car shoppers, offering credible, easy-to-understand
information from consumers and experts to help buyers formulate
opinions on what to buy, where to buy and how much to pay for a
car. With comprehensive pricing information, side-by-side
comparison tools, photo galleries, videos, unbiased editorial
content and a large selection of new- and used-car inventory,
Cars.com puts millions of car buyers in control of their shopping
process with the information they need to make confident buying
decisions. Launched in June 1998, Cars.com is a division of
Classified Ventures, LLC, which is owned by leading media
companies, including Belo (NYSE:BLC), Gannett Co., Inc. (NYSE:GCI),
The McClatchy Company (NYSE:MNI), Tribune Company and The
Washington Post Company (NYSE:WPO). DATASOURCE: Cars.com CONTACT:
Jackie Brennan, Associate Public Relations Manager,
+1-312-601-6229, mobile, +1-219-577-6106, , or Steve Nolan, Public
Relations Manager, +1-312-601-5163, mobile, +1-630-310-2468, , both
of Cars.com Web Site: http://www.cars.com/
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