As manufacturers unveil the latest in automated and green automotive technology at the LA Auto Show Nov. 17-26, their revelations will be of interest to the 35% of US drivers who expect to be in the market for a new or used vehicle in the next two years, according to new AAA consumer research.
The AAA Consumer Insights survey shows that more than six in ten drivers expect to buy or lease a vehicle in the next five years:
- 13% will be in the vehicle market in a year or less
- 22% expect to get a new vehicle in one to two years
- 26% will buy or lease a car in three to five years
- 21% will wait five years or longer to buy or lease a vehicle
Other insights from the AAA survey include:
- Of the 13% of drivers planning to buy or lease vehicles in the next year, nearly two-thirds are male, according to the survey. Also, Generation X drivers are more likely to say they will be in the car market in the next one to two years (27%) than Baby Boomers (18%).
- Consumers are almost equally likely to be considering a new or used vehicle for their next purchase – 39% expect to get a new one, while 42% say they will likely buy a used car.
- The three research resources consumers rely upon most heavily for car buying decisions are independent online research and review websites (55%), visits to car dealerships/car lots (55%), and Google searches (50%). Millennials are more likely to use Google for research (57%) than Baby Boomers (41%). Baby Boomers are more likely to use independent car review websites for their research (66%) than Millennial drivers (55%) or Generation X drivers (52%).
- By far, the two major reasons cited for deciding when to buy a new car are when it is no longer reliable or safe to drive (65%), and when repair costs are too high (45%). Male drivers are far more likely than female drivers to say they normally get a new vehicle every few years because they always want a new vehicle (11% vs. 4%).
“With more than half of car buyers relying upon independent online auto guides as a main resource to help them decide on their next vehicle, it’s important to have reliable and regularly updated information from reputable automotive sources,” said Megan McKernan, manager of the Auto Club of Southern California’s Automotive Research Center. “That’s why AAA produces its annual AAA Car Guide to provide unbiased reviews of vehicles and features that consumers care about most, with a searchable format that allows buyers to view vehicle model information by price, fuel type, fuel efficiency and safety rating.”
Also, for the increasing number of consumers who consider owning an electric vehicle for the first time, AAA offers helpful information in its Electric Vehicles 101 downloadable guide.
For more information on AAA’s automotive research resources, visit AAA.com/carguide.
The AAA Consumer Insights 2023 Car Buying Survey was conducted Sept. 21-25, 2023, using a probability-based panel designed to be representative of the overall U.S. household population. The survey was conducted online and by phone, and the overall margin of error is +/- 4% at the 95% confidence level.
Started in 1902 by automotive enthusiasts who wanted to chart a path for better roads in America and advocate for safe mobility, AAA has transformed into one of North America’s largest membership organizations. Today, AAA provides roadside assistance, travel, discounts, financial and insurance services to enhance the life journey of 64 million members across North America, including over 57 million in the United States. To learn more about all AAA has to offer or to become a member, visit AAA.com.