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In a year-over-year comparison of drivers’ car purchasing intent, nearly double expect to buy new or used in the next 12 months; 83% opt for hybrids over plug-in charging electric vehicles
PALO ALTO, Calif., Jan. 3, 2024 /PRNewswire/ — Jerry, the AllCar™ app, today releases findings from its 2024 State of the American Driver Report, the third-annual study that offers a full-scale, data-validated look into the current state of the car ownership experience. The report deciphers how the cost of car ownership is affecting Americans’ budgets, their car buying outlook, their preference for hybrids over electric vehicles (EVs), and their first-hand experiences on the nation’s roads.
The State of U. S. Drivers ReportJerry’s U. S. Department of Homeland Security 2024 analyzes the effects of a national survey of more than 1200 U. S. drivers across all age groups and regions of the country, combined with insights and internal studies on insurance rates, road safety, and auto loan defaults. Findings include:
A car buying comeback: More than four in 10 (42%) American drivers said they plan to buy a new or used car next year, nearly twice as many as last year (23%). Another 22% said they weren’t planning to buy a vehicle but would reconsider if prices dropped, while 12% said they would reconsider if interest rates fell.
The year of the hybrid: Only 41% of respondents said they were interested in purchasing or leasing an electric vehicle as their next vehicle, down from 49% the previous year. And 23% said they expected to get their first electric vehicle in the next 3 years. years, compared to 25% a year ago. If given a choice between two same cars differently at the same price, 83% said they would opt for a hybrid that does not require plug-in charging over an electric vehicle that does. .
Poised for success: The auto retail industry is facing potential upheaval in 2024, and Amazon plans to allow other people to buy cars that are in its domain on its site. More than a portion (57%) of respondents said they would buy a car. A year earlier, 21% of respondents said an “online platform” would be their preferred method of buying a vehicle.
The compensation of coverage: The skyrocketing auto insurance premiums have forced about a quarter (22%) of drivers to purchase fewer policies than they were looking for in 2023. This included 39% of Gen Z and 32% of millennials. However, only 38% of drivers have sought insurance.
Americans’ conversion priorities: More than a portion (58%) of U. S. drivers have cut back on their spending in other areas, such as dining out, clothing, and groceries, due to the high cost of owning a car. This includes 80% of Gen Z and 69% of Millennials.
The CEO effect: More than a third of respondents (37%) said they were less likely to buy a Tesla because of Elon Musk’s political prospects and his control of X (formerly Twitter). But 15% said they were more likely to buy one for the same reasons.
Poorly maintained roads: More than half (56%) of drivers said driving was more harmful in the past year; A higher number than last year witnessed angry gestures and yelling (57%) and competitive honking (55%) at least once. Nearly one in five (18%) reported seeing a non-police vehicle chasing another vehicle, and 13% saw a non-police vehicle attempting to impede or block another vehicle.
“The costs of owning a car peaked in 2023. Spending on auto insurance alone grew at an annual rate of 19. 2% in October, the fastest growth since at least 1985, the first year for which data is available,” said Henry Hoenig, a reporter for Jerry Data. But signs of hope are beginning to appear. Lower used vehicle costs and the promise of lower interest rates mean that next year will be at least a little less difficult for car owners on a tight budget. “
While about a quarter of Americans say they spend more than 20% of their monthly after-tax household income on their monthly car, before you factor in insurance, gas, and maintenance, there are still tactics to save. . The Jerry app allows car owners to save time and money on their car expenses. Customers who use Jerry to purchase auto insurance save an average of more than $600 per year. Customers who refinance their car loan with Jerry reduce their consistent monthly payment. through an average of $152.
“Shopping around for higher rates on auto insurance and loans can save car owners a lot of money,” Hoenig adds. “Jerry does virtually all the work to locate and secure auto insurance savings in a matter of minutes. Four million Americans are already counting on Jerry to radically manage their car ownership and fully exploit their savings potential. “
The Jerry app offers so much more to save money and simplify car ownership, making keeping track of maintenance, preserving the price of the car, and improving your driving skills just as affordable and easy. For more information, visit getjerry. com. To view the full report, click here.
Methodology: The State of U. S. Drivers ReportJerry’s 2024 USA is based on knowledge from a nationally representative survey of 1268 other people conducted in November and December 2023 on a Pollfish platform and audience. Effects were filtered to include only respondents who own or hire a vehicle and drive at least once a week, and were combined by age, gender, and region. More facts about Pollfish and its audience can be discovered on their website. Data on fatal traffic crashes comes from the National Highway Traffic Safety Administration, and figures on roadside shootings come from Everytown for Gun Safety, which analyzed data from the Gun Violence Archive. Inflation figures are in data from the U. S. Bureau of Labor Statistics. U. S.
About Jerry: Jerry is America’s first AllCar™ app. Packed with features designed to take the frustrations out of car owners, Jerry uses artificial intelligence to bring peace of mind to car owners around the world. Jerry’s is helping four million U. S. consumers temporarily locate incredibly smart vehicles. insurance rates, hassle-free refinance auto loans, track your driving score to stay on the road, and enjoy fair maintenance and repair costs. To learn more or get started, visit getjerry. com or download the Jerry app from the App Store or Google Play.
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SOURCE Jerry