Shortage of new vehicles impacts youngest consumers most dramatically

Table 1 vehicle shortages

Table 2 vehicle shortages

Table 3 vehicle shortages

Table 4 vehicle shortages

New GfK AutoMobility™ research shows 18-to-29 age group is more likely to opt for a different car, while 65+ buyers prefer to wait for their first choices

NEW YORK, UNITED STATES, July 13, 2021 / — As micro-chip shortages and other factors continue to wreak havoc on vehicle supply chains, potential car buyers from key age groups are reacting in starkly different ways.

New research from GfK AutoMobility™ shows that awareness of the new-vehicle inventory constraint is higher among older consumers – 59% for those ages 65-plus, versus 43% in the 18-to-29 group. (See Table 1.)

But, among those who are aware, younger consumers are much more likely to say that the lack of inventory has affected their plans to buy or lease a new car. While 45% of consumers under age 45 say they have changed their plans, that percentage drops to 11% among those 65-plus.

More than two-thirds of 65-plus consumers who have changed their plans are waiting for their first choices of model and features – either hanging on until exisiting orders are fulfilled, placing future orders, or delaying their purchases altogether. (See Table 2.)

But 61% of the 18-to-29 consumers have switched to another, readily available vehicle – new or used – or have given up on some of their preferred features.

Among “intenders” – consumers already planning to buy or lease a new vehicle – those who intended to buy a Sports Car or a Luxury Coupe are most likely to report that their decisions have been affected by the shortages. (See Table 3.) But those planning to buy an Entry or Small Car are, in general, less affected.

In keeping with these findings, GfK also learned that the highest-income consumers were much more likely to be aware of the vehicle shortages and also to have changed their plans because of them. (See Table 4.)

Older consumers are showing that they have the resources to wait out today’s shortages, while younger buyers need to replace their vehicles quickly – sometimes by opting for a used or pre-owned car,” said Julie Kenar, SVP of GfK AutoMobility™. “Higher-end models are disproportionately impacted because their advanced technology was directly affected by the chip shortages, and because their intenders may have the option to simply postpone their purchases.”

GfK AutoMobility™ is the definitive ongoing study of verified auto intenders, derived from roughly 20,000 interviews every month with US consumers who have stated their intention to buy or lease a new vehicle. Because it is based on more than website visits or previous car purchases, GfK AutoMobility™ research captures those who have strong intentions and those who may be new to the vehicle marketplace.

David Stanton
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Source: EIN Presswire