Consumers Gravitate to Used Cars During These Tough Times

CAMBRIDGE, Mass., Nov. 24 -- CarGurus(R) (http://www.cargurus.com/), an online automotive community, today announced the results of its latest survey of more than 2,500 online automotive consumers worldwide. Fifty-four percent of respondents said they plan to buy a used or pre-owned car for their next car purchase. Only 46% said they plan to buy a new car. Given the tough times and lack of consumer credit, shoppers appear to be turning to the less expensive option of a used car.

Finding Value in Used Cars

"I was surprised to see that a higher percentage of consumers intend to buy a used instead of a new car. However, given the tough economic times, it's reasonable to see that consumers are looking for value," remarked Langley Steinert, CEO/co-founder of CarGurus. "Instead of buying a new 2008 model, consumers can save substantial money buying a used, low-mileage 2006 or 2007. Dealers and manufacturers should take note of this trend and perhaps turn more of their attention towards marketing their used-car inventories."

  Survey Results
  Across the CarGurus Network, 2,500 respondents answered the question:

  For your next car purchase, which will you buy? (Total Votes = 2,500)
  -- New Car - 46%
  -- Used Car - 44%
  -- Certified Pre-Owned Car - 10%

  About CarGurus LLC

Located in Harvard Square, Cambridge, MA, CarGurus LLC is a leading online automotive community founded by Langley Steinert and Nick Shanny, formerly co-founders of TripAdvisor LLC, the 3rd largest online travel site in the world. CarGurus' founders, board, and investors bring a wealth of experience from such leading web companies as TripAdvisor, eBay, Expedia, and Yahoo. For more information about CarGurus, visit us at www.cargurus.com.