SUV, Crossover & Pickup Truck Shoppers: Wait for Better Selection & Price Leverage
*** Pandemic Squeezes Inventories in 6 of 8 Vehicle Categories ***
CHICAGO, Feb. 11, 2021 /PRNewswire/ -- In February, most Americans shopping for automobiles are seeing very limited selection -- and if they buy, they'll have little leverage in negotiating the price. According to fresh data from assisted commerce car buying app CoPilot, six of eight popular used vehicle categories are in scarce supply compared with a year ago. And it could be months before the pandemic's historic impact on both used and new auto inventories starts to abate.
CoPilot's deep analysis of more than four million cars currently for sale online compares the relative supply and demand for all major vehicle types. CoPilot has just published its February Car Buyer's Guide (free to download) which includes data and insights such as:
- It's a seller's market. Inventories of both new and used cars have been driven to historic lows by the pandemic. As a consequence, buyers face limited selection and little leverage in price negotiations in most categories. If a buyer balks on price, sellers know they can find another buyer.
- Inventories of brand-new cars and trucks began to stabilize a bit in January. But selection is still limited and buyers are paying close to sticker prices for popular models -- often in addition to long waits for delivery.
- If you can, wait for better prices and more selection later this year … but given current inventory levels and supply chain disruptions from the pandemic, it's not clear when that will happen, nor which vehicle categories will be first to replenish.
- If waiting isn't an option, pay close attention to current pricing and inventory trends and consider something less popular than trucks, SUVs and crossovers. There are some relatively good buys out there, but they remain the exception. Your CoPilot can help you find them.
CoPilot's proprietary "Google for Cars" search platform has the deepest level of vehicle and market data available anywhere. The CoPilot app is a car buyer's expert partner, helping them navigate every step of car shopping and buying. Each user's CoPilot scans more than 46,000 websites several times daily, looking for their perfect car. And CoPilot's 600 million analytical pricing models provide superior insights on what and when to buy, and at what price.
CoPilot is the only car buying assistant that accepts no money from car dealers or manufacturers, so it gives shoppers the only truly independent recommendations to help them confidently navigate this turbulent car market.
About CoPilot
The CoPilot assisted commerce car shopping app is a car buyer's expert partner, helping them navigate every step of car shopping and buying. CoPilot makes it easy for people who don't know a lot about cars to discover their perfect car at the best possible price, so they can buy with confidence. Unlike virtually all other car shopping apps, CoPilot is fully independent of the industry, forgoing money from dealers and manufacturers so consumers can feel confident their CoPilot is 100% on their side.
Based in Chicago and Austin, CoPilot's data platform and tech team were spun out of a successful SaaS business which provided the analytical insights that car dealers and manufacturers use to price and market their cars.
In the fall of 2019, CoPilot made its powerful "Google for cars" search platform and analytical models available to consumers. In the year since, CoPilot has grown to more than $700 million of gross merchandise volume (GMV), empowering thousands of car shoppers every month to find "hidden gems" and buy them with confidence.
CoPilot's investors include Next Coast Ventures, Chicago Ventures, PayPal & Affirm cofounder Max Levchin and Accel Partners cofounder Arthur Patterson.
SOURCE CoPilot
Share this article