TrueCar released the latest version of its Automotive Shopper Trends Report, a comprehensive look into auto shopper actions and expectations.

The report shows that although new-car inventory is returning, high interest rates continue to add to affordability challenges and influence how consumers approach car buying. Below are some insights from this edition of the ASTR:

• Despite the economy and high prices, 54% of car shoppers are entering the current market because they say they need a car now.
• For the sixth quarter in a row, the average loan term for a used car was longer than the average loan term for a new car, due to consumers’ desires to keep monthly payments low.
• Consumers are changing their mind during the buying process: 7% of shoppers who prospected for a new car ended up buying used, a 10% increase since Q1-Q2 2022.

Additionally, the report found that 95% of shoppers want to do at least some part of their deal online, revealing a new persona: the omnichannel shopper, a consumer looking to do any amount of their car purchase online, before going into the dealership. These shoppers have a variety of traits that define their shopping experience, including:

• 80% of omnichannel shoppers have a vehicle budget of $50K+
• 76% want the latest technology
• 74% are considering an EV as their next purchase
• 66% plan to lease

“Car buyers and their expectations have changed over the past few years as the automotive industry continues to shift, especially with the move toward online marketplaces,” said Mike Darrow, president and CEO at TrueCar.