Tuesday, November 8, 2011

Popularity of used vehicles continues to grow.



Among the automobile buying sector, used cars are in more demand than in recent years, a new study reveals.
According to the national survey conducted by The Media Audit, 54.7% of adults who plan to buy a vehicle in the next 12 months are planning to purchase a used vehicle. 
The figure represents more than 20 million consumers across The Media Audit's 80 measured markets. 

Moreover, the demand for used cars versus new cars has been increasing. In 2006, a similar study was conducted, and used cars represented 49.4% of all automobile planned purchases. As a result, the demand for used cars among car buyers has increased by 10% over five years.

Correspondingly, the demand for new cars has diminished. The same study reveals that among adults planning to purchase a vehicle, 37.8% plan to buy a new vehicle, compared to 43.8% in 2006. The figure represents a decline of 13% over the same five-year period.

Among some of the top markets for used cars are IndianapolisIN, where 12.7% of the market's general population plans to purchase a used vehicle in the next 12 months. CharlestonSC, ranks second with 11.5% who plan to buy a used vehicle, followed by Oklahoma CityOK (11.2%), MemphisTN (11.1%), and DetroitMI (10.5%).

Rounding out the top ten markets for planned purchases of used vehicles are SacramentoCA, where 10.1% of the local population plans to purchase a used vehicle, along with SpokaneWashington (10.1%), and ColumbusOhio (10.1%). San AntonioTexas (9.7%), and Kansas CityMissouri (9.6%) ranked ninth and tenth, respectively.

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