CarGurus, Inc. released its seventh annual U.S. Consumer Insights Report on December 17, 2024, indicating a positive shift in car shopper sentiment. The study found year-over-year increases in buyer satisfaction and a rise in seller confidence.
The report noted that new car inventory increased by 31% year-over-year, contributing to moderated prices, while average used car prices decreased by 3% as inventory stabilized. Fewer shoppers cited available inventory as a top factor in their purchase decision, dropping from 26% in 2023 to 18% in 2024.
Consumers are increasingly leveraging online tools for various stages of the car buying journey, including starting financing online and getting offers to sell a vehicle. Prices (56%) and financing availability/offers (30%) remained the top considerations for shoppers, underscoring the importance of transparent online information.
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