Thursday, 14 January 2021 16:28

Cars.com Reveals 5 Dominating Forces Driving Auto Sales in 2021


...on Cars.com---approximately 30% of total inventory listed on the site---have been available for home delivery from dealers across the country. Furthermore, 50% of Cars.com dealer customers are offering home delivery services.


Virtual selling streamlines car buying


As dealership adoption of digital tools and technology increases, car shoppers can expect more of the purchase process to take place on virtual selling platforms such as chat, video and dealer websites. Stay-at-home consumers are driving advancement in these platforms and shifting them from merely communications tools to selling tools.


As it stands, more than 70% of consumers want to conduct at least some parts of the purchase online.


Affordability is at the forefront for consumers


Car shoppers will continue to keep affordability top of mind this year. Approximately 45% of new-car shoppers are interested in vehicles over $30,000, while nearly 40% of used car buyers are interested in cars under $10,000.


Although low interest rates and favorable credit conditions are helping keep monthly payments down for buyers, lean vehicle inventory conditions have resulted in unusually high new- and used-car prices. As a result, shoppers are prioritizing more comfortably priced vehicles.


Advancement in EVs with federal support and evolved technology


Electric vehicles could have a big year in 2021 as the incoming administration supports the EV market with consumer incentives, infrastructure plans and federal fleet purchases. With tech companies such as Apple rumored to enter the market, and automakers like Hyundai, Ford and GM announcing plans to significantly invest and expand their EV platforms, it's clear the race for EV domination is on.

"Despite the positive momentum expected in the EV category this year, hybrids and EV searches made up less than 1% of total site searches on Cars.com in 2020, signaling a long road ahead until mainstream adoption," said Vetter.


For more information about 2021 car buying and selling trends, visit Cars.com/news/coronavirus/.


Source: Cars.com


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