Brand Loyalty Declining Among New-Car Buyers
It's becoming increasingly difficult for carmakers to turn a customer into a repeat customer, according to a recent study. An unexpected side effect of the chip shortage is that drivers who kept their car for longer than they're used to are going to the competition to try something new, reports Autoblog. "As vehicle availability increased and more choices hit the market, loyalty among brands as a whole saw a decline [in 2023]. Additionally, owners were tied down to their vehicles for longer than normal due to ongoing supply chain disruptions, and as a result were more likely to experience problems with their vehicles. Now that some of those issues have eased, consumers are looking to get behind the wheel of something different and are no longer remaining as loyal to a brand," said Tyson Jominy, J.D. Power's vice president of data and analytics. J.D. Power analyzed trade-in data from September 2022 to September 2023 to compile a list of the brands that new-car buyers are most loyal to. Click here to find out what brands new-car buyers are most loyal to.
Most Reliable Cars: 10 Vehicles That Will Last a Lifetime
A list of the most reliable cars will always be controversial because predicted reliability scores can be based on surveys of real people and their experiences but also of hardcore enthusiasts who will defend their chosen brand to the death. A well-known brand like Consumer Reports collects sufficient data via a survey to give car buyers an average score, reports Carbuzz. That's how we get modern reliability ratings that look at several of the most important factors, such as safety systems, fuel economy, performance, in-car electronics, and maintenance costs. There are many quality studies, but there are strange anomalies. Did you know, for example, that a 2019 survey found Alfa Romeo to be the most trusted luxury brand? Surely, that's a title better suited to Lexus. And, sure enough, Lexus scored top marks in Consumer Reports' most reliable survey in 2021. In 2023, J.D. Power gave the nod to the Lexus LX. And yet, there will be those who say Lexus products are always poor, so don't trust the first rating you come across. Click here to see the 10 vehicles that will last a lifetime.
Consumers Buying Older Used Vehicles to Offset Price Increases
Consumers are intentionally purchasing older used vehicles as inventory challenges and economic pressures force a change in spending habits. Automotive research platform iSeeCars.com reports that car prices have risen so fast that the current average price of a six-year-old vehicle outweighs that of a three-year-old vehicle in 2019. At the root of this rampant inflation is the COVID-19 pandemic. Manufacturing disruptions had lasting effects on both new and used vehicles, creating shortages in both segments that drove price tags to record highs. Car buyers are facing another issue; their money is losing its value. While inflation is the chief culprit of this trend, rising interest rates are also straining employers, leading to slow job and wage growth. Credit availability is facing pressure as well, preventing many would-be buyers from qualifying for affordable loans, reports CBT News. Although banks have started to ease restrictive lending practices, many remain on high alert after the collapse of several financial institutions in the first quarter of 2023. All these headwinds are leading drivers to adjust their buying habits and opt for older, and hopefully cheaper, used vehicles. Click here for the full story.
Attracting Gen Z Workers and Future Leaders to Automotive
According to Deloitte, entire industries could rise and fall in the wake of Generation Z-ers, and few sectors are ready for them. It’s a bold claim. Are you prepared as an employer in the auto industry? The World Economic Forum says that, globally, the inability to attract talent is the automotive sector’s most significant barrier to transformation and workforce strategies. Who Are Generation Z? Those born between 1995 and 2012, says Wards. They come with a range of labels, including the iGeneration, Post-Millennials, TrueGen and digital natives. By 2025, they’ll comprise 27 percent of the global workforce. They’re the most diverse generation in U.S. history, says Deloitte. Most Gen Z-ers are technologically savvy and adapt well to change, even seeking out disruption, says HR platform Employment Hero. Meanwhile, a recent global study, the BCW Age of Values 2023 report, says Gen Z seeks power, achievement, stimulation, and hedonism more than other generations. When it comes to all things auto, Gen Z tends to have a different relationship with cars. They’re changing car culture, with fewer being licensed, owning, or having access to personal vehicles. Click here for the full story.
Genesis GV80 Coupe Breaks Cover with Sleeker Shape and 27-Inch Display
Genesis introduced the all-new GV80 Coupe in Korea, together with the facelifted version of its GV80 sibling. The styling of the automaker’s first-ever coupe SUV offering stays true to the concept that previewed it, while the interior gets a brand-new 27-inch display which is also inherited by the standard GV80, reports Carscoops. At the front, the models look similar, with sportier bumper intakes compared to the pre-facelifted GV80 bringing it closer to the GV70. Moving over at the back, the production version of the GV80 Coupe doesn’t get the full-width LED taillights of the concept but mirrors the more aerodynamic roofline and the integrated duck-tail rear spoiler. The rear bumper is also differentiated from the standard GV80 with black trim surrounding the diffuser and the quad exhaust pipes. Genesis added new options for the alloy wheels measuring 19, 20, or 22 inches with two specific designs for the GV80 Coupe. The color palette is enriched with a new Storr Green shade available in glossy and matte finishes, and a coupe-specific Bering Blue. Click here to learn more about the Genesis GV80.
Around the Web
Truck Stops Upgrade to Recharge Electric Vehicles (and Their Drivers) [The New York Times]
2024 Honda Accord: The Sedan Is Back [The Wall Street Journal]
Brits May Have to Pay an Extra 10% for EVs Due to European Tariffs [Carscoops]
2024 Ferrari Roma Spider Channels the Brand's Golden Age [Car and Driver]
