Jerry State of the American Driver Report Declares 2024 the "Year of the Hybrid" as Heightened Car Buying Demand Signals Car Market Recovery

In a year-over-year comparison of drivers' car purchasing intent, nearly double expect to buy new or used in the next 12 months; 83% opt for hybrids over plug-in charging electric vehicles

PALO ALTO, Calif., Jan. 3, 2024 /PRNewswire/ -- Jerry, the AllCar™ app, today releases findings from its 2024 State of the American Driver Report, the third-annual study that offers a full-scale, data-validated look into the current state of the car ownership experience. The report deciphers how the cost of car ownership is affecting Americans' budgets, their car buying outlook, their preference for hybrids over electric vehicles (EVs), and their first-hand experiences on the nation's roads.

Jerry's 2024 State of the American Driver Report analyzes results from a national survey of more than 1,200 American drivers across all age groups and regions of the country, combined with internal data and research on insurance rates, road safety, and auto loan delinquencies. Key findings include:

• A car buying comeback: More than four in 10 (42%) American drivers said they plan to buy a new or used car next year, nearly twice as many as last year (23%). Another 22% said they weren't planning to buy a vehicle but would reconsider if prices dropped, while 12% said they would reconsider if interest rates fell.
• Year of the hybrid: Only 41% of respondents said they were interested in buying or leasing an EV as their next vehicle, down from 49% a year earlier. And 23% said they expect to get their first EV within the next three years, down from 25% a year ago. Given a choice of two otherwise identical vehicles that are priced the same, 83% said they would choose a hybrid that didn't require plug-in charging over an EV that did.
• Primed for success: The business of selling cars faces a potential shake-up in 2024, with Amazon planning to let people shop for vehicles available in their area on its site. More than half (57%) of respondents said they would consider buying a car on Amazon. A year earlier, 21% of respondents said that an "online platform" would be their preferred method of buying a vehicle..
• The coverage compromise: Soaring car insurance premiums forced nearly a quarter (22%) of drivers to buy less coverage than they wanted in 2023. That included 39% of Gen Z and 32% of Millennials. Still, only 38% of drivers shopped around for insurance.
• Americans' shifting priorities: More than half (58%) of American drivers cut spending in other areas—such as restaurant meals, clothing and groceries—because of the high cost of owning a car. That included 80% of Gen Z and 69% of Millennials.
• The CEO effect: More than a third of respondents (37%) said they were less likely to buy a Tesla because of Elon Musk's political views and his management of X (formerly Twitter). But 15% said they were more likely to buy one for the same reasons.
• Rough roads: More than half (56%) of drivers said driving became more dangerous in the past year; higher numbers than last year witnessed angry gestures and yelling (57%) and aggressive honking (55%) at least once. Nearly one in five (18%) said they saw a non-police vehicle chase another vehicle, and 13% saw a non-police vehicle try to stop or block another vehicle.

"Elevated car-ownership costs prevailed in 2023. Car insurance expenses alone rose at an annual rate of 19.2 percent in October, the fastest increase since at least 1985, the earliest year for which data is available," says Henry Hoenig, Jerry data journalist and study author. "But signs of hope are starting to show. Falling used vehicle prices and the promise of lower interest rates mean that the coming year will be at least a little bit easier for budget-stretched car owners."

While nearly a quarter of Americans report spending more than 20% of their household's monthly after-tax income on their monthly car payment – before accounting for insurance, gas, repairs, or maintenance – ways to save do still exist. The Jerry app saves car owners both time and money on their car expenses. Customers who use Jerry to buy car insurance save, on average, more than $600 a year. Customers who refinance their car loan with Jerry, on average, reduce their monthly payment by $152.

"Shopping around for better rates on car insurance and loans can save car owners a significant amount of money," adds Hoenig. "Jerry does virtually all the work to find and secure car insurance savings for you in a matter of minutes. Four million Americans already rely on Jerry to radically improve how they manage owning a car and tap into their fullest savings potential."

The Jerry app offers many additional money-saving and car ownership-simplifying services, making keeping up with maintenance, preserving car value, and improving your driving skills just as affordable and easy. To learn more, visit getjerry.com. To review the full report, click here.

Methodology: Jerry's 2024 State of the American Driver report is based on data from a nationally representative survey of 1,268 people conducted in November and December 2023 using a platform and audience from Pollfish. Results were filtered to include only respondents who own or lease a vehicle and drive at least once a week, and blended for age, gender and region. More information about Pollfish and its audiences can be found on its website. Data on fatal traffic crashes comes from the National Highway Traffic Safety Administration, and figures on road rage shootings are from Everytown for Gun Safety, which analyzed data from the Gun Violence Archive. Inflation figures are based on data from the U.S. Bureau of Labor Statistics.

About Jerry: Jerry is America's first AllCar™ app. Packed with features designed to eliminate car ownership frustrations, Jerry uses AI to bring peace of mind to car owners everywhere. Jerry helps 4 million U.S. customers find shockingly good insurance rates fast, refinance car loans with ease, track their driving score to stay safe on the road, and learn fair maintenance and repair costs. To learn more or get started, visit getjerry.com or download the Jerry app in the App Store or Google Play.

SOURCE Jerry

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