More and more consumers are getting attracted to the second-hand vehicle market because of QEM’s own sales, technology strategies and growing regulations. According to a new report, this development could change the future of automotive business models. Car owners can easily enhance the performance and aesthetics of used cars through custom seat covers, aftermarket parts and accessories.
A growing number of consumers purchase used cars and not new ones. Others simply eschew car ownership all together. The growing trend is a threat to today’s automotive business model. According to a new report by Automotive from Ultima Media reveals how new regulations, OEM’s own sales and leasing strategies are driving changes with significant impact on future models and customer experience.
The author of the report, Daniel Harrison, an automotive analyst, said that different factors have contributed significantly to higher prices of new vehicles. These factors include tightening emissions and safety requirements and vehicle connectivity and electronics. The unexpected consequence is consumer perception that used vehicles are better value.
Harrison further said that this is particularly noticeable in the market for small cars where margins are very slim and regulations have the potential to result into lower cost entry level cars that are becoming unviable for the OEM’s to sell.
Another contributing factor is the leasing market with its highly successful sales strategies for OEM’s that allow more consumers to purchase high value new vehicles. The marketing strategy also means that when the vehicles go off lease and then re-marketed the lower vehicles prices make them very attractive to consumers.
The biggest challenge for automotive business models is the growing popularity of ride-sharing. There has been a substantial shift to ride-sharing services which could ultimately reduce vehicle sales further. Younger people, in particular, prefer the more flexible on-demand and pay-as-you-go mobility options. Only the dwindling and ageing demographics are willing and able to purchase new vehicles.
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