CHICAGO, Nov. 20, 2020 /PRNewswire/ -- The latest
research from Cars.com (NYSE: CARS), a leading digital automotive
marketplace and solutions provider, shows Americans continue to
prioritize car ownership as a safe mode of transportation during
the COVID-19 pandemic as they gear up to take advantage of Black
Friday offers. The new study from Cars.com reveals that 83% of
Cars.com shoppers plan to purchase a vehicle in the next six
months, with 35% planning to buy between Black Friday and Cyber
Monday.1
"The pandemic accelerated the adoption of more shop-from-home
technology in automotive, a trend that will continue to grow as
consumers prioritize their health, safety and convenience. And
local dealerships are well positioned to meet the demand of a busy
Black Friday weekend for car buying — even if it means less foot
traffic on the lot and more traffic online," said Kelsey Mays, Cars.com senior editor, consumer
affairs and vehicle evaluations. "As we head into the Thanksgiving
holiday, we continue to see a strong used-car market, but the
pendulum is swinging back toward new cars. Search activity for new
cars on Cars.com grew the last three months and new-car sales are
nearing pre-COVID market recovery."
Overall, 22% of searches in October were for new cars, up from
19% in August — the highest share of new-car searches since the
onset of the pandemic in April.2 "This trend is driven
by increased inventory on lots and an increase in used-car prices,"
Mays said. Still, more than 80% of in-market shoppers are
considering used vehicles for Black Friday and half are only
considering used vehicles.1
Cars.com Black Friday research also uncovered the following
trends:
- The pandemic motivates more first-time car buyers to enter
the market. An unexpected set of new buyers continues to enter
the market, with 18% of shoppers surveyed indicating they are
purchasing their first car this holiday season. The surge stems
from continued concerns around mass transit and ride-hailing and
the desire for a safe escape during the pandemic.
- With showroom traffic down, physical visits convert to
digital. A third of Black Friday buyers plan to leverage local
dealerships' contactless home delivery services, while 32% plan to
handle credit applications and financing online. In addition, 28%
plan to do virtual appointments and vehicle walkarounds, and 16%
will take advantage of virtual test drives through video.
For shoppers looking to buy a new vehicle during the
holiday weekend, Cars.com compiled some of the best Black Friday
and Cyber Monday Car Deals:
- 2020 Chevrolet Trax. Chevrolet's compact SUV boasts
potential savings of up to $4,250 off
all trims of the Trax, including the base LS, if they apply an
online discount. Without the online discount, shoppers can still
get $3,750 off.
-
- Factory discount: $3,750-$4,250
- Approximate price after
discounts: $18,000-$28,000
- Approximate factory savings: 12-19%
- Offer ends: Nov. 30
- 2020 Chevrolet Blazer. Shoppers can get Chevrolet's
two-row SUV for $3,500 to
$4,000 off all trim levels but the
base model L trim.
-
- Factory discount: $3,500-$4,000, excluding base trim
- Approximate price after
discounts: $29,500-$56,000
- Approximate factory savings: 6-12%, excluding base
trim
- Offer ends: Nov. 30
- 2020 Ford EcoSport. Shoppers can take advantage of steep
price cuts for Ford's smallest SUV with up to $6,250 off depending on the trim and region. Most
regions offer an additional 8.9% for 84 months' financing, while
select regions offer 0% financing for 72 months.
-
- Factory discount: $3,250-$6,250
- Approximate price after
discounts: $16,500-$26,000
- Approximate factory savings: 15-23%
- Offer ends: Nov. 30-Jan. 4
- 2020 Ford Fusion. Consumers looking for this family
sedan, which is in its final year as Ford turns to other body
styles, can get up to $2,500 to
$3,000 cash off all trim levels of
the Fusion, depending on the region. If trading in a vehicle, Ford
offers an additional $2,000 trade
assist in most regions. Similar discounts are available for the
Fusion's hybrid and plug-in hybrid options, too.
-
- Factory discount: $2,500-$3,000
- Approximate price after
discounts: $21,500-$36,000
- Approximate factory savings: 7-12%
- Offer ends: Jan.
4
- 2020 Buick Encore GX. The premium brand SUV is offering
$3,500 off across all trim levels. As
an alternative to the cash off, potential qualified buyers can
receive 0% financing for 84 months.
-
- Factory discount: $3,500
- Approximate price after
discounts: $21,500-$36,000
- Approximate factory savings: 9-14%
- Offer ends: Nov. 30
- 2020 GMC Acadia. Shoppers of the GM SUV can get
$5,500 off on all trim levels except
the base SL trim. Separately, qualified shoppers can receive 0%
finance for 84 months on all trims but the SL.
-
- Factory discount: $5,500,
excluding base trim
- Approximate price after discounts: $29,500-$57,000
- Approximate factory savings: 9-16%, excluding base
trim
- Offer ends: Nov. 30
- 2020 Hyundai Elantra. This compact sedan is available in
many markets for $1,500 to
$2,500 off for buyers. Discounts vary
among six trim levels from the base SE up to the higher-end Limited
and Sport. Qualified shoppers can finance through Hyundai to get
another $1,000 off in many markets.
Alternatively, shoppers can get 0% financing for up to 60
months.
-
- Factory discount: $1,500-$2,500
- Approximate price after discounts: $18,000-$25,500
- Approximate factory savings: 6-12%
- Offer ends: Jan. 4
- Fiat Chrysler Automobiles' mass-market U.S. brands are
currently participating in employee pricing discounts for Black
Friday. Shoppers can find moderate incentives for most vehicles
with a Chrysler, Dodge, Fiat, Jeep or Ram brand name. Cash
discounts vary widely depending on the vehicle trim level and
location.
For shoppers looking at used vehicles, Mays encourages consumers
to visit the Cars.com Used-Car Buyer's Checklist. Cars.com's
virtual test drives can be found on their YouTube channel.
For more information, visit Cars.com/news.
1 Cars.com Black Friday Car Shopping Survey
Oct. 19-Nov. 18, 2020; 1,000
responses
2 Cars.com Internal Data
About CARS
CARS is a leading digital marketplace and
solutions provider for the automotive industry that connects car
shoppers with sellers. Launched in 1998 with the flagship
marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with
the data, resources and digital tools needed to make informed
buying decisions and seamlessly connect with automotive retailers.
In a rapidly changing market, CARS enables dealerships and OEMs
with innovative technical solutions and data-driven intelligence to
better reach and influence ready-to-buy shoppers, increase
inventory turn and gain market share.
In addition to Cars.com, CARS companies include Dealer Inspire,
a technology provider building solutions that future-proof
dealerships with more efficient operations and connected digital
experiences, FUEL, which gives dealers and OEMs the opportunity to
harness the untapped power of digital video by leveraging
Cars.com's pure audience of in-market car shoppers, and
DealerRater, a leading car dealer review and reputation management
platform.
The full suite of CARS properties
include Cars.com™, Dealer
Inspire®, DealerRater®, FUEL™, Auto.com™, PickupTrucks.com™
and NewCars.com®. For more information,
visit www.Cars.com.
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SOURCE Cars.com Inc.