Data from the Hearst families of companies — including Jumpstart Automotive and Black Book — showed how consumers continue to shift their interest toward used vehicles as new models become more expensive.
However, Cox Automotive’s collection of experts reiterated that automakers certainly are not decelerating their efforts to keep new metal turning, using incentives and other tools at their disposal.
All the developments arrive as Kelley Blue Book determined the average transaction price for new-vehicle retail sales in November came in at $37,654, representing a 4-percent lift year-over-year. And the third-quarter data from Experian showed monthly payments for new and used vehicles again reached record highs — $530 and $381, respectively — and the gap between new and used monthly payments continues to widen, reaching $149.
Perhaps if consumers cannot afford more than $500 per month for that new model, Jumpstart is seeing rises in online activity of shoppers shifting to used.