Cars.com recently revealed its top predictions for the trends that will most impact car shoppers and sellers. Increasing consumer expectations, connected technology, rising loan prices, a pivotal presidential election, and an infatuation with electric and autonomous vehicles will shape automotive and result in a markedly different experience for consumers. As we enter a new decade, it’s important to stay on top of the trend predictions that will impact most car shoppers and sellers.
Expert knowledge and tips.
New competitors are disrupting auto retail, attempting to sell online. Cars are a huge expense and personal decision for shoppers, so the need to feel and touch is still a factor. Finding the perfect blend of online and in-store will determine who will be the Amazon of auto retail.
New car prices reaching an all-time high and we expect this to continue. Six-and-seven-year car loans are the new normal as opposed to the four- or five-year loan, which has dominated for decades. Expect growth in leasing, or certified pre-owned sales as a result.
Electric and Autonomous Vehicles: Electric vehicles will continue to grow, but they will not be mainstream in the next decade, while autonomous cars can’t get out of the test phase. Adoptability, affordability and infrastructure will determine consumers' disappointment in electric and autonomous vehicles.
The auto industry has its own development cycle that is not directly affected by the party in the oval office. However, there are policies an administration can enact that directly impact the industry and consumer costs.