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Which Car Brands Have the Most (and Least) Loyal Owners?
This post is adapted from the blog of CarMax, a Priceonomics Data Studio customer. Does your company have interesting data? Become a Priceonomics customer.
Americans - Car - Purchases - Lifetimes - Features
For many Americans, buying a car is one of the most important purchases in their lifetimes. And the features of a car can even reflect your personality: are you outdoorsy with an all-wheel-drive, an industrious worker with a large truck, or a speedster in a sports car?
How loyal are people to their brand of car? Perhaps you had a great experience with your car and you’ll buy that brand for the rest of your life. Or what if you care most about getting practicality and features, and would happily drive any brand?
Data - Priceonomics - Customer - CarMax - Question
We analyzed data from Priceonomics customer CarMax to answer the question of how loyal people are to their car brands. Using our this data set, we explored which cars people own at trade-in and what they purchase as their next car. Do they stay with the same brand or not? Are people loyal to the same type of car they used to drive (i.e., do SUV owners keep buying SUVs or do they switch to sedans)?
Based on the data, we found that the brand with the most loyal owners is Lexus, followed by Mercedes-Benz and then Ford. The brand with the least loyal owners is Volkswagen, followed by Mazda and Volvo. A Lexus owner is four times more likely to buy another Lexus at CarMax than a Volkswagen owner is to buy another Volkswagen at CarMax.
Type - Vehicle - Purchasers - SUV - Percent
And the type of vehicle with the most loyal purchasers? The SUV: 61 percent of CarMax SUV owners get another SUV, the largest margin for re-purchase of any vehicle type.
To calculate car brand loyalty, we looked at every CarMax purchase from January...
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