With 29% of new vehicles shoppers having considered used cars between mid-May and mid-June as compared to 24% between mid-January and early March, Edmunds experts see a shift in consumer purchasing behavior.
Additionally, limited to no production or inventory of new vehicles from automakers and distributors have paved the way for promoting certified pre-owned programs which could be a factor in the shift in car shopping response during COVID-19, according to PR Newswire.
"More consumers are looking for value in their next car purchase due to the economic challenges of the coronavirus pandemic, so the more favorable loan conditions we're seeing are likely a direct result of more consumers with good credit shifting into the used market," Jessica Caldwell, Edmunds' executive director of insights, said. "Thanks to a shortage of new vehicle inventory, more automakers and dealers have leaned into promoting attractive certified pre-owned programs, which might be driving more typical new car shoppers into the used market."
Alerts Sign-up