According to Edmunds.com, the best car deals come at the end of the year when new models are being released and dealers are trying to sell out the current year’s makes. With the supply chain challenges of the past few years making car buying difficult, demand for new cars is on the rise.
In this post, we explore automotive buyers and what’s important to them when it comes to specific car categories. For information on the automotive category and more, please reach out to Datonics here.
Luxury: The luxury automotive category is popular with people with a higher income or the top 10% of earners in the US. People in this bracket tend to be middle-aged to older generations, live in gated communities, top spenders at luxury stores and returning customers at jewelry stores, high-end hotels, and cruises. These individuals tend to enjoy wine, art, fine dining, and fashion. California, Florida, and New Jersey are states with the most luxury vehicles. Automotive features of interest for this group include extra features, enhanced driving performance, and improved technology. Other areas include large companies interested in company cars for employees as a marketing tool to retain top clients and partnerships.
Pickup & Trucks: Existing buyers generally live in medium and large-sized cities, with average household income of $82,000. Eighty-four percent of full-size pickup truck buyers are male, yet nearly 25% of the Ford Maverick buyers are female, signaling a growing opportunity to engage the female audience to expand on their current interest. People looking for a second personal vehicle, larger families in urban and suburban cities, and recent college graduates interested in their first vehicle are also newer opportunities for this car category.
New Vehicle Seekers: This category tends to appeal to middle-to-upper income earners looking either for a first-time car or to upgrade their current car. Popular demographics are families with children who need extra space, recent movers looking for a fresh start in their new town, or businesses looking for company cars. Adjacent interests include gadget buyers, recent window-tinters, car insurance purchasers, fashionistas, and tech enthusiasts.
Used Vehicle Seekers: Parents of first-time drivers, recent college graduates and those just starting out in their careers are popular buyers of used vehicles. These adults are cost conscious and may also be categorized as coupon shoppers. Recently retired adults, people living in cities with good transportation, and car mechanics are also popular demographics for the used vehicle automotive category.