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Buying a Used Car? Wait for the Price to Drop

February 22nd, 2011

Majority of Used Cars Have Price Reductions After Only 30 Days on Market

CAMBRIDGE, Mass., February 22, 2011 – A study released today by leading online automotive community CarGurus.com shows that the majority (53%) of used cars listed for more than 30 days have at least one price drop. Newer used cars (model years 2007 – 2009) show even more aggressive price reductions, with 63% of cars listed for more than 30 days having at least one price drop. Since these newer models stay listed on average 45 days, the data suggests that consumers looking for deals should wait for the initial price drop before buying a used car.

In conjunction with the study, the company also introduced its new price tracking feature. Users of CarGurus’ DealFinder car shopping service now get access to the price history and days on market data for more than 2 million car listings. The first of its kind in the online car shopping market, price tracking enables users to keep tabs on the price drops for specific listings either online within DealFinder or through opt-in email alerts.

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Car Industry News, Car Minded, Car Shopping, CarGurus Features and Updates, General Chat

Men Are from Porsche, Women Are from Nissan

February 14th, 2011

Report On Most Preferred Cars By Gender Shows Guy Car & Girl Car Stereotypes Hold True

CAMBRIDGE, Mass., February 14, 2011CarGurus, the leading online automotive community, today released its “Fenders by Gender” Report, a ranking of the cars most preferred by men versus women, as well as vehicles equally popular with both genders. The men’s list is dominated by sports cars and rugged pickups. For women, practical cars top the list, with economy and mid-range priced crossovers ranking highest. Common ground seems to exist on a range of economy priced cars, although the luxury Mercedes-Benz SLK-Class also earned a spot on the “Most Agreed Upon” list.

“When it comes to cars, guys are definitely predictable, with the perennial favorite Porsche 911 topping the list,” said Langley Steinert, founder and CEO of CarGurus. “Women seem to be more interested in cars that combine practicality with style, whether that’s a crossover that offers space and durability or a sporty, reputable compact that is fun to drive. Where we see the most common ground is with economy and mid-range priced cars, perhaps a sign that price and value is one area where both genders agree.”

Top Ten Cars Men Love

  1. Porsche 911
  2. Chevrolet Corvette
  3. Dodge Ram Pickup 2500
  4. Subaru Impreza
  5. Mercedes Benz SL-Class
  6. Ford F-250 Super Duty
  7. BMW M3
  8. Chevrolet Silverado 1500
  9. Toyota Tundra
  10. Ford F-150

Top Ten Cars Women Love

  1. Nissan Rogue
  2. Ford Escape Hybrid
  3. Kia Rio
  4. Dodge Journey
  5. Nissan Armada
  6. Honda Fit
  7. Volkswagen Beetle
  8. Nissan Quest
  9. Dodge Avenger
  10. Lincoln MKX

Top Ten “Most Agreed Upon” Cars For Both Men and Women

  1. Chrysler 300
  2. Mitsubishi Eclipse
  3. Chevrolet Aveo
  4. Jeep Commander
  5. Dodge Nitro
  6. Toyota Highlander
  7. Volkswagen Jetta
  8. Mercedes Benz SLK-Class
  9. Hyundai Santa Fe
  10. Hyundai Sonata

Data and Methodology
The “Fenders by Gender” report is based on CarGurus’ analysis of the gender breakdown of completed sales inquiries to dealers from CarGurus’ DealFinder for the entire 2010 calendar year. For each car, CarGurus calculated the percentage of dealer inquiries that were made by males versus females and then ranked cars with the highest percentage of dealer inquiries from a given gender.

About CarGurus
CarGurus’ DealFinder is a free online car shopping service that helps consumers find the best deals on new and used cars. Indexing over 2 million listings a day, CarGurus’ DealFinder analyzes each car listing and compares the listed price against historic pricing models to gauge whether the listing is a good deal or bad deal. Located in Harvard Square, Cambridge, MA, CarGurus LLC is a leading online automotive community founded by Langley Steinert, formerly Chairman/co-founder of TripAdvisor LLC, the largest online travel site in the world. For more information about CarGurus, visit us at www.cargurus.com.

Contact: Kerry Metzdorf
Plum Advisors
978-463-2575
kerry@plumadvisors.com

Car Minded, Car Shopping, CarGurus Features and Updates, General Chat

Buying a Car? Time Is On Your Side

January 26th, 2011

CarGurus Analysis of Days on Market Suggests Opportunities for Buyers

CAMBRIDGE, Mass., January 26, 2011 — A study released today by the leading online automotive community, CarGurus® (http://www.cargurus.com/), indicates that low-mileage used cars take between one and two months to sell, which is close to double the time for older, less expensive models. For buyers, this means that for much of the used car inventory on the market, they have time to wait for the best deal.

“The notion that ‘this deal won’t last’ does not hold true in most cases, and consumers should know this as they head into a negotiation,” said Langley Steinert, Founder/CEO of CarGurus. “Older, lower-priced vehicles and Asian makes are indeed selling fast, but the bulk of the used car inventory actually sits on the market for more than a month and a half, with the strong likelihood of price drops the longer it takes to sell. So if you are looking to buy a used car, you probably have more time than you think to find a great deal.”

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CarGurus Launches Free Car Listing Tool with “Instant Market Value” Guidance

November 29th, 2010

Instant Market Value

Helps sellers answer the question “What’s my car worth?”
Pricing guidance based on live data from 2+ million active listings

CAMBRIDGE, Mass., November 29, 2010 — CarGurus® (http://www.cargurus.com/), a leading online automotive community, announced today the launch of a free car listing tool that includes “Instant Market Value” pricing guidance. Based on the analysis of 2+ million active car listings, “Instant Market Value” price guidance takes into account numerous factors including maker, model, year, trim, mileage, options and location to deliver an accurate, up-to-date valuation for consumers looking to sell a car online.

Transparent Information
Unlike other opaque pricing tools, CarGurus’ “Instant Market Value” provides complete transparency as to the value of the seller’s car. Sellers are shown the four most relevant comparable listings that justify the suggested pricing as well as a graph that plots all the price points analyzed to derive the suggested pricing.

Consumers also get additional feedback on the relative merits of their chosen price. As the seller enters different price points for their car, they’ll receive instant feedback on whether their chosen price is a “good deal” or “bad deal” for buyers and where their listing will rank vs. other listings in their area.

Integrated with Free Listings
While the web offers numerous free auto listings services, CarGurus’ is the first to integrate free pricing tools in the listings process to help sellers properly value their cars. Sellers not only get a free car listing on a dedicated automotive site with 3+ million unique visitors a month but also free advice on pricing.

To get started, sellers simply click on: http://www.cargurus.com/Cars/sell-car/, plug in their zip code and then fill in information about their car. As they input this information, sellers immediately get pricing guidance.

“While free listing sites like Craigslist exist, they are not automotive-focused and don’t provide consumers with any pricing guidance,” remarked Langley Steinert, CEO/Founder of CarGurus. “Pricing a car properly will maximize anyone’s chances of selling the car as well as the seller’s eventual realized profits. With CarGurus’ free listings service, we are bringing full transparency to the process of listing and pricing a car.”

About CarGurus LLC and DealFinder
Located in Harvard Square, Cambridge, Mass., CarGurus LLC is a leading online automotive community founded by Langley Steinert, formerly chairman/co-founder of TripAdvisor LLC, the 2nd largest online travel site in the world.

CarGurus’ DealFinder is an online car shopping service that helps consumers find the best deals on new and used cars in their local area. Indexing over 2 million listings a day, CarGurus’ DealFinder analyzes each car listing and compares the listed price against historic pricing models to gauge whether the listing is a good deal or bad deal. CarGurus’ DealFinder helps consumers save time and money when shopping for a new or used car. For more information about CarGurus, visit us at www.cargurus.com.

Contact: Kerry Metzdorf, Plum Advisors
978-463-2575
kerry@plumadvisors.com

Car Industry News, Car Shopping, CarGurus Features and Updates, General Chat

Green Update–>Diesels Are Better—But Not for the U.S.?

November 9th, 2010
2009 BMW 335d

2010 BMW 335d

Two recent stories on GreenCarReports caught my eye, and I’d like to comment on them. One gives five reasons why diesels don’t do well in the U.S. The other reports that gas engines will be with us for decades.

Neither piece is big news, really, but many people can’t understand the economics (and politics) behind our country’s lagging acceptance of diesel engines when it’s clear they outperform even some hybrids in fuel economy. The newer diesels are powerful, very torquey, and clean.

John Voelcker has been writing about the problem for at least a year, and he authored both the articles in question. First is the cost factor. Diesels cost about 15 percent more to build than an equivalent gas engine, and emissions equipment is quite expensive and complicated, because U.S. emissions laws are much tougher than those in Europe.

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Car Industry News, Car Minded, Car Politics, CarGurus Features and Updates, Electric Vehicles, Foreign Cars, Gas for your car..., General Chat, Green Updates, Hybrid Cars

CarGurus’ DealFinder Helps Automotive Consumers Find the Best Local Deals

October 27th, 2010

DealFinder image

Indexing 2+ Million “live” listings a day, CarGurus helps consumers figure out if a car listing is “under” or “over” its real regional market value.

CAMBRIDGE, Mass., October 27, 2010 — CarGurus® (http://www.cargurus.com/), a leading online automotive community, announced today that its DealFinder service has just added Regional Pricing to its offering.

Based on a daily analysis of 2+ Million “live” car listings as well as historic pricing models, DealFinder calculates what a car listing is really worth. This analysis includes factors for mileage, car model, car trim and options and then compares that “instant market value” to the seller’s listed asking price for the car. Consumers can then see first-hand if the car in question is above or below its real “instant market value.” Based on a consumer’s search criteria, the resulting car listings are ranked based on which cars offer the best savings (below the real “instant market value”). Consumers can quickly see which listings are “good” or “bad” deals.

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Car Minded, Car Shopping, CarGurus Features and Updates, General Chat

Best Car Values: Used American Vehicles

October 6th, 2010

Buy U.S.?

CarGurus’ DealFinder finds used American cars offer the best values. Low-mileage used cars can be bought at up to 37% less than original MSRP. Chevrolet and Jeep lead the pack.

CAMBRIDGE, Mass., October 6, 2010 — CarGurus® (http://www.cargurus.com/), a leading online automotive community, examined the pricing of top-rated low-mileage used vehicles to find the best values in the used sedan, SUV, compact SUV, and minivan segments. Based on its DealFinder car valuations, CarGurus found the best values across these segments to be American cars and the savings compared to original MSRP to be as high as 37%.

American cars took top used car value honors in three of the four body styles analyzed. The Chevrolet Malibu took top honors for the sedan segment. Jeep took top honors for both the SUV and compact SUV segments with the Jeep Grand Cherokee and Jeep Liberty respectively. Kia took top honors in the minivan segment with its Sedona.

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Car Minded, Car Shopping, CarGurus Features and Updates, Domestic Cars, General Chat, Trucks & SUVs

Hybrid Cars: Not a Good Investment

September 10th, 2010

CarGurus finds hybrid vehicles cost more to own than comparable gas-powered vehicles.

CAMBRIDGE, Mass., September 10, 2010 — CarGurus® (http://www.cargurus.com/), a leading online automotive community, has determined that the majority of hybrid vehicles cost more to own and drive than comparable gas-powered vehicles. Based on the analysis of 45 hybrid cars which have similar non-hybrid, gas powered models, on average the Hybrid models cost 25% or over $2,200 more to own and operate than their non-hybrid counterparts.

Buying a new Hybrid carries with it a substantial cost premium over comparable gas-powered vehicles. Often time this cost premium can be quite substantial. In the 45 models studied, the average MSRP of hybrids was almost $6,400 more than that of their gas-powered counterparts. But the popular idea that hybrids actually cost less to own and drive via higher resale values and reduced gas expenses proved false in 76% of the cases examined. In the large majority of cases, the gas savings from hybrids did not overcome the substantial price premium paid at the time of purchase.

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Car Industry News, Car Minded, Car Shopping, CarGurus Features and Updates, General Chat, Hybrid Cars

Chevrolet Has Highest Brand Loyalty Among Car Shoppers

August 25th, 2010

Chevrolet logo

Historically popular and highly rated Asian brands fare poorly in CarGurus brand loyalty study, with Honda placing second to last.

CAMBRIDGE, Mass., Aug. 25, 2010 — CarGurus® (http://www.cargurus.com/), a leading online automotive community, today announced the results of its online car shopping brand loyalty study. As part of this study, 1.7 million car searches were analyzed for consumers using CarGurus’ DealFinder online car shopping service. The consumer’s initial search was then compared to any subsequent searches for other cars to gauge the consumer’s propensity to consider brands other than their initial brand of choice.

Of people who searched for a Chevrolet vehicle, 70% would not consider any other brand during their car shopping experience. Mercedes-Benz and Volkswagen shoppers showed equally brand loyal behavior with 69% and 67% of consumers respectively not considering any other brand. At the low end of brand loyalty, more than half of those who searched for Land Rover and Honda vehicles searched for cars from other brands. Surprisingly, none of the historically top-selling Asian brands like Toyota, Nissan, or Honda were in the top five manufacturers for brand loyalty.

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Make a Smart Move, Shop Used Luxury!

August 10th, 2010

2006 BMW 3 Series

I’m a big advocate for helping people get the most out of their money.

Even at the grocery store I’ll stop a woman with Prego spaghetti sauce in her cart and tell her to go exchange it for Ragu, because it’s 50 cents cheaper. People might think I’m nuts, but I don’t care. Money is scarce, and we should get the most value we possibly can, right?

A few cents at the grocery store probably isn’t that big of a deal, but when it comes to larger purchases, like cars, we need to know our hard-earned cash will buy us the most car it possibly can.

Let’s say, for example, that we have a friend who wants to buy a new Honda Accord for about $27K. He isn’t too stoked to get an Accord, because it’s so darned ordinary, but he likes the features he’s getting for the money. Do we let this friend plunk down the cash on a car he’ll struggle to find in any mall parking lot? Yes, we do… but not without first offering some truly exceptional alternatives.

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