Cars.com Predicts the Top 5 Trends That Will Shape the Next Decade in Automotive
CHICAGO, Dec. 12, 2019 /PRNewswire/ -- As we enter a new decade, Cars.comTM (NYSE: CARS) today revealed its top predictions for the trends that will most impact car shoppers and sellers. Increasing consumer expectations, connected technology, rising loan prices, a pivotal presidential election, and an infatuation with electric and autonomous vehicles will shape automotive and result in a markedly different experience for consumers.
The Cars.com predictions for the next decade in auto delve into five core areas with additional insight provided by Joe Wiesenfelder, executive editor of Cars.com and a 25-year automotive expert:
The eCommerce Race – Who will be the Amazon of Auto Retail?
"Car shoppers will begin to see ecommerce collide with the in-store experience. We anticipate most of the vehicle transaction will move online in the next decade, but shoppers will still be working with dealers – it just may look different than it does today. I can see a world where we're going to the local dealership to check out the latest in-car tech, much like we go to the Apple Store to experience the latest smartphone."
'Score Boarding' in an Affordability Crisis: My Finance Terms Are Longer Than Yours
"Consumers have willingly taken on more debt when it comes to buying a new car but shouldn't be fooled into thinking there are no other options. This is the 'upgrade generation' where consumers are used to upgrading to the latest tech and devices every couple of years; that, coupled with smaller monthly payments, should lead to more leased vehicles. And certified pre-owned cars are an excellent option for consumers looking for a new-car alternative and great value."
Next Decade on the Bachelorette – A Proposal Like We've Never Seen: Detroit Pops the Question to Silicon Valley
"I think we will see more high-tech integration into cars to meet the needs of the changing consumer. We expect our electronics to be automatically updated and fully connected and it's not a far cry to expect the same from our cars. A couple of manufacturers are already doing this, and we anticipate additional automakers will follow suit. It could ultimately lead to an 'immortal' car being born, but that would require a fundamental change in philosophy from the current model, which is planned obsolescence and replacement."
The Incredible Rise of Electric Vehicles and Autonomous Cars: Just Enough to Disappoint
"Electric vehicles are closer to mainstream adoption than autonomous vehicles, but you should temper any future expectations you have for either them."
Everything You Need (and Do Not Need) to Know About Car Buying in a Presidential Election Year
"It's a misconception to assume that a presidential election will directly impact auto, but this one is unique. While auto sales have peaked, and we anticipate a drop-off in 2020 – unrelated to the election cycle – we could see further impact on sales if tariffs on foreign-manufactured vehicles or parts are increased. However, because of ongoing negotiations with China and resistance from many sides, it is less likely additional tariffs will be enacted in this election year. While some automakers claim to have made small changes in anticipation of the United States Mexico Canada Agreement (USMCA), that legislation has not been ratified in the U.S., and it might not clear a divided Congress. Even if it does replace the North American Free Trade Agreement, we suspect its effect on domestic manufacturing and future installments of the Cars.com American Made Index will be more evolutionary than revolutionary."
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SOURCE Cars.com, Inc.
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