Edmunds Experts Say More Car Shoppers Are Turning to the Used Market During COVID-19
Edmunds analysts note that June used vehicle finance figures and Edmunds website data indicate shifts in shopping behavior that are not usual for the used vehicle market and could point to more typical new car shoppers entering the fray:
- Edmunds analysts note that June used vehicle finance figures and Edmunds website data indicate shifts in shopping behavior that are not usual for the used vehicle market and could point to more typical new car shoppers entering the fray:
Reduced interest rates. - Edmunds data reveals that 26.3% of used vehicle sales with a trade-in had negative equity in June, the lowest level so far in 2020.
- According to Edmunds website data, more new shoppers are cross-shopping used vehicles than before COVID-19.
- Twenty-nine percent of new vehicle shoppers between mid-May and mid-June also considered used, compared to 24% between mid-January and early March.