Consumers gravitate to used cars during these tough times

CarGurus survey reveals a greater percentage (54%) of respondents plan to purchase a used car versus a new car (46%) for their next car purchase.

CAMBRIDGE, Mass., Nov. 24 -- CarGurus (https://www.cargurus.com/), a leading online automotive community, today announced the results of its latest survey of more than 2,500 online automotive consumers worldwide. Fifty-four percent of respondents said they plan to buy a used or pre-owned car for their next car purchase. Only 46% said they plan to buy a new car. Given the tough times and lack of consumer credit, shoppers appear to be turning to the less expensive option of a used car.

Finding Value in Used Cars

"I was surprised to see that a higher percentage of consumers intend to buy a used instead of a new car. However, given the tough economic times, it’s reasonable to see that consumers are looking for value," remarked Langley Steinert, CEO/co-founder of CarGurus. "Instead of buying a new 2008 model, consumers can save substantial money buying a used, low-mileage 2006 or 2007. Dealers and manufacturers should take note of this trend and perhaps turn more of their attention towards marketing their used-car inventories."

Survey Results

Across the CarGurus Network, respondents answered the question:

About CarGurus LLC

Located in Harvard Square, Cambridge MA, CarGurus LLC is an online automotive community founded by Langley Steinert, formerly Chairman and co-founder TripAdvisor LLC. CarGurus' founders, board, and investors bring a wealth of experience from such leading web companies as TripAdvisor, eBay, Expedia, and Yahoo. For more information about CarGurus visit us at www.cargurus.com.