With a slew of television commercials featuring vehicles with big red bows or Santa being blackmailed by some smarmy kid – and plenty of actual statistics – December ’tis the month folks are out spending big money not just on presents, but new vehicles.
What they spend their money on at the dealership hasn’t been entirely clear; however, a new shopping survey from Swapalease.com, revealed that SUVs and luxury vehicles top the December automotive wish list and that simply asking Santa for that new Ford Explorer or BMW 5 Series is behind using the internet to get their purchase started.
“It’s no secret that the holiday season is always the busiest time of the year for consumer shopping, spurring dealer incentives as they push to move 2019 models off the lot,” said Scot Hall, Executive Vice President of Swapalease.com.
(Dealers association predicting sales retreat 2020)
“It’s interesting to see the driving factors that are motivating shoppers to spend on vehicles, as well as changes in consumer buying habits each year.”
In some ways, that holiday season new vehicle purchase isn’t any different than the rest of the year as 19% of potential buyers surveyed are looking for a new sport-utility vehicle. SUVs currently make up more than half of all new vehicles sold.
What other types of vehicles are potential buyers checking out this holiday season? Well, according to the survey:
- 19% are shopping for an SUV
- 16% are shopping for a Luxury Vehicle
- 16% are shopping for a Hybrid Vehicle
- 15% are shopping for a Crossover
- 11% are shopping for a Sedan
- 9% are shopping for a Compact Car
- 6% are shopping for a Minivan
Approaching the new year, many people look forward to new beginnings, and that sentiment holds true for many of those buying or leasing a vehicle as 43% of respondents said would be switching to another brand. Meanwhile, 39% said they will remain loyal and 18% were undecided. When asked which automaker they trust over others, BMW, Chevrolet and Mercedes-Benz were the top selections.
(Tis the season – or the month – to buy a new vehicle)
Among other findings, roughly 63% of respondents think end-of-year sales for vehicles are better than other holidays such as Labor Day, and 54% admitted to purchasing or leasing a new car around the holiday season in the past three years.
What’s most important when selecting that new vehicle? Safety, right? Want to be safe behind the wheel. Wrong. The study shows that it is better to look good than to feel good – or at least safe – as 23% said style and aesthetics were most important, followed by amenities such as keyless entry and leather seats (22%), safety features (16%), price of the vehicle (12%) resale value (9%), environmental impact (6%) and fuel economy (6%).
Respondents were first asked how they typically begin shopping for a car. Fifty-one percent said they start by shopping online, while 23% said they visit their local dealer.
(Used car buyers getting more bang for their buck, report claims)
However, when asked if they would buy or lease a vehicle entirely online if given the opportunity, only 13% stated they would do so. The majority (49%) said they prefer to shop online but visit the dealership for final negotiation and paperwork, while 38% said they prefer to shop only at the dealership.
