New Research Finds that 66% of In-Market Shoppers Planning to Buy this Weekend will Buy a Domestic Vehicle; Holiday Spurs Increase in Road Trips As 56% of Americans Say They Plan to Travel, 77% by Car
CHICAGO, June 29, 2020 /PRNewswire/ -- Recent research by Cars.com (NYSE: CARS), a leading digital automotive marketplace and solutions provider, found 44% of in-market car shoppers plan to buy a car this Fourth of July weekend.1 Of those ready to buy, top reasons include wanting something new/newer (52%) and the deals are too good to pass up (42%).1 A continued trend due to COVID-19 concerns, approximately 20% of Americans are buying because they no longer want to take public transit or ride-sharing services.1
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In fact, for those planning to purchase a vehicle, timelines have moved up even sooner due to the current climate. When asked if COVID-19 changed the timing for purchasing/leasing a car, 68% of shoppers say they plan to act sooner, a 5% increase from those asked the same question before Memorial Day. In addition, 56% of respondents plan to travel for the Fourth of July, a 20% increase from those who planned to travel for Memorial Day. The majority of travelers (77%) are doing so by car.1
"Our data continues to indicate that COVID-19 has sped up shoppers' car purchasing timelines for a myriad of reasons, and now we're learning that the majority of those planning to buy this weekend say they will buy a domestic-made vehicle," said Kelsey Mays, Cars.com's senior consumer affairs and vehicle evaluations editor. "During times of crisis, it's not surprising to see Americans want to make purchases that directly impact our country's economy — either by buying American-made or by supporting local small businesses. And when shoppers visit their local dealership, that makes an impact on the community."
As Americans adjust to the "new normal" and the economy begins to reopen, there is a renewed sense of patriotism and desire to "buy local." In fact, 66% of shoppers who plan to buy a car this weekend say they will buy a domestic vehicle.1 With motivated shoppers in the market and ready to buy, Cars.com's recently released 2020 American-Made Index features 91 cars that contribute most to the U.S. economy based on criteria ranging from U.S. factory jobs and manufacturing plants to parts sourcing.
The company has compiled the best Fourth of July deals for top 2020 American-Made Index vehicles:
- Ford Ranger: Assembled in Wayne, Mich., and No. 1 on the 2020 AMI, shoppers can score this mid-size truck with a $1,000 factory discount on all trims, saving around 2-4%. Qualified shoppers can find discount financing either at 0% for 60 months or 6.9% for 84 months. Price after discounts: $24,605-$47,710
- Jeep Cherokee: Coming in at No. 2 on the 2020 AMI and assembled in Belvidere, Ill., this popular SUV boasts a factory discount of $2,500 on all trim levels, saving around 5-9% on the total cost. If purchased before June 30, Jeep is offering additional savings as great as $1,250 off if financing through Jeep's parent company, Fiat Chrysler Automobiles. If purchasing after, FCA is financing 0% for 36 months for qualifying buyers. Price after discounts: $24,835-$44,530
- Honda Odyssey, Ridgeline, Passport: Ranking Nos. 5, 6 and 7 on the 2020 AMI, Honda rarely offers factory discounts or cash-back offers. Cash back may not be common, but shoppers can take advantage of discount financing options. Creditworthy shoppers can get 0.9% for up to 60 months or 1.9% for up to 72 months on the Odyssey; for the Ridgeline and Passport, select buyers can get 1.9% for up to 60 months or 2.9% for up to 72 months. If shoppers currently own a model-year 2010 Honda or newer, the automaker is offering $1,000 off all trims of the Odyssey with no trade-in required. All offers expire July 6.
- Chevrolet Colorado: Coming in at No. 10 and assembled in Wentzville, Mo., this mid-size pickup truck is available now through June 30 for $3,000 off all trim levels except the base trim, giving consumers an approximately 5-12% savings.
1 Cars.com survey June 23 through June 24, 2020. 943 responses.
CARS is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share. In 2018, Cars.com acquired Dealer Inspire®, an innovative technology company building solutions that future-proof dealerships with more efficient operations, a faster and easier car buying process, and connected digital experiences that sell and service more vehicles.