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Used Car Buyers: What Are They Looking For? | Driving Decisions

by Drew Harden, Wed, Jun 1, 2022

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Buying a used car is very different than buying new. There is no ‘used car factory’ that can produce vehicles with all the ideal options to the buyer, so on top of having to decide which make and model they want, used buyers are also figuring out exactly what unit they want. What is motivating these car buyers to buy used, and how can you better cater to their needs?

Those who bought a used car last time are very flexible, with 82% of them also considering options outside of used vehicles. Most commonly, 53% are also going to consider CPO, while 27% consider new and 34% consider giving up on the dealership experience altogether and buying privately.

After all this cross-shopping, when these buyers end up going with a used vehicle it’s because of better prices, more value and less deprecation, although it’s not uncommon for used car buyers to report that the vehicle that met their needs just happened to be used.

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If you’re working with a car buyer who has decided on buying used, there’s a very good chance they’ve considered other options, but price and value have brought them into the used market. Ensuring the customer knows that the vehicles they’re considering are well priced and provide good value is key to getting them to decide that the used unit on your lot could be the right one for them.

Explore how our research can be applied at your dealership to help you win more business - request a consultation with a CARFAX Canada Rep:

Driving Insights
Driving Insights takes your questions about Canadian car buyers, and turns them into answers! Our proprietary research looks closely at the motives and behaviours of today’s car buyers, and uncovers exclusive insights you won’t find anywhere else. To date, we’ve surveyed over 5,000 new and used car buyers to identify their biggest pain points when buying, selling, and servicing their vehicles. If there’s a question you’d like us to address, email insights@carfax.ca and we’ll get you some answers!

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