As vehicle shortages continue to roil the auto market, dealers and OEMs are hoping that buyers will accept whatever models might be in stock. But new data from GfK AutoMobility™ shows that a large group of “intenders” – those planning to buy or lease a new vehicle – are willing to delay their purchases for over a year.
The new GfK data shows that two-thirds of intenders who have been impacted by the shortages are planning to delay their purchases of a new vehicle. Of these delayers, 39% say they are prepared to wait over 12 months, and another 32% say they will postpone for 6 to 12 months. Only 10% plan to hold off for 3 months or less.
GfK also found that women who plan to delay are more likely to fall into the 12-months-plus category than men (43% versus 35%). Non-Luxury intenders are also inclined to hold out longer (40%, versus 34% for Luxury), and intenders who are replacing a vehicle are more likely to delay 1 year or more than those who are adding a new car to their households (41% vs. 33%).
Among the generations, 45% of Baby Boomer delayers (born 1946 to 1964) are planning to hold off buying for over a year – compared to 32% for Generation Z (born 1998 or later) and 33% of Millennials (born 1980 to 1997). Income seems to be less associated with length of delay, with intenders earning $150,000 or more a year being slightly less likely to wait over 12 months than those who make $50,000 to $75,000 (37% versus 41%).
“The current vehicle shortages are pushing intenders to make choices they may never have anticipated,” said Julie Kenar, SVP of GfK AutoMobility. “We found that many intenders are planning on purchase delays of a year or more – which may be an unhappy surprise for car brands and dealers. Trying to stay relevant and appealing to these abstaining buyers will be a challenge for OEMs – one that requires all of their patience and marketing savvy.”
GfK AutoMobility™ is the definitive ongoing study of verified auto intenders, derived from roughly 23,000 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.
