A recent survey looked into how important it is for shoppers to have the latest redesign of a new vehicle. According to AutoTrader.com's Trend Engine, the majority of shoppers do not find it important to have the latest model.
Of the survey respondents, 57 percent said they did not feel it was important to have the latest redesign, while 79 percent said they would take advantage of a good deal on a current model instead of putting off a purchase for the latest design.
"The world we live in moves quickly, and shoppers are exposed to change almost constantly," said Rick Wainschel, vice president of automotive insights at AutoTrader.com. "From computers to phones to TVs and even cars, the next 'new' release seems to be always just around the corner, making it harder for people to have the latest and greatest for very long. In that environment, especially with such a large purchase as a car, many consumers seem to feel that good is good enough, particularly if it will save them some green."
Still, while Americans don't feel it's important to have the latest redesign, 47 percent still said it is important to be aware of upcoming redesigns, while 56 percent said they actively research upcoming redesigns.
Those shopping for a new vehicle are reminded to add some much needed accessories to ensure it holds its resale value. As a car is often the second largest investment in your life, next to your home, install Husky Liners® custom fit floor mats to ensure a car's interior is safe from wear and tear.
"People spend more than 19 hours shopping for a vehicle and typically have a wide consideration set, giving OEMs ample opportunity to influence shoppers," Wainschel added. "However, automakers will have to tell a holistic and compelling story about what is new and improved in order to have the best chance of convincing shoppers that the new design is truly worth waiting for."
Car prices go up in March
As the auto industry continues to see growth, so do the prices of vehicles. According to TrueCar, the estimated average transaction price for light vehicles sold in March was $31,087, accounting for a 1.1 percent increase on a year-over-year comparison and an increase of 0.4 percent on a month-over-month comparison.
The pent up demand for cars has allowed automakers to not have to offer discounts, as the cars are likely to be sold either way.