From 2020, the US auto industry has been particularly affected by the health emergency: the COVID-19 pandemic has led to shortages of semiconductors, a problem that affected the production of many models, increased costs and significantly influenced the supply and demand recorded in previous years. To these events has been added the much more recent conflict between Russia and Ukraine which, in this context, has generated unexpected results. According to a report by My Code, a digital media company that decodes information and data related to diverse audiences, these events have also contributed to an evolution of the automotive consumer in the United States, which is becoming more diverse, with a marked increase in minorities. that make this country a multicultural environment.
Among these minorities are Hispanics who, like other groups, have contributed to this diversity which translates into greater opportunities, greater influence and also greater purchasing power. This evolutionary phenomenon has generated a series of specific preferences for certain makes and models of vehicles with different characteristics and these preferences tend to be different among different ethnic groups residing in the country.
Which cars do Hispanics prefer in the United States for this 2022?
Carried out by the My Code Intelligence Center, said study —carried out between February and March 2022— depicts the current landscape of the US automotive industry considering a sample of 1,139 adults aged 18-64. This sample is made up of residents of diverse origins: Asian and Pacific Islander (APPI), white, African American, Hispanic, among others.
In addition to highlighting the preferences of each specific group (describing these vehicles as “multicultural”), the study also reveals -in general- a certain tendency to buy second-hand, with less incidence in the purchase of vehicles completely new or those available for rent. He also argues that different ethnic groups prefer total purchase to one that involves certain payments over a certain period of time. Likewise, Hispanics and the rest of the multicultural population in the United States have a strong preference (by 28%) for mid-size sedans such as the Honda Accord.
In the specific case of Hispanics, this trend remains at 24%, followed by the preference for small or compact sedans (like the Honda Civic or Toyota Corolla) in 23%, unlike other population groups which register lower percentages in the same categories.
Regarding brands, this study shows that at least 33% of Hispanic buyers have a strong preference for Toyota over other brands. Also noteworthy is their tendency to choose Chevrolet (by 26%) and Nissan (by 16%).
What other factors do Hispanics consider when choosing a vehicle in the United States?
According to the study, for Hispanics, it seems very important to own their vehicles, therefore, many of them—represented by 45% out of 100% of this population—are looking for a full purchase as soon as negotiations begin or at least reach full payment within the next 12 months, and then make the commitment. This contrasts with the remaining 55% made up of those Hispanics who are trying to achieve longer terms (between 1-2 years or more) and those who are not planning to purchase their vehicle.
On another side, the study also offers information on the majority of Hispanics (at least 54%) who prefer to buy a completely new vehicle against 32% who are looking to buy it used and 6% who prefer to rent it. Likewise, considering the functions and comfort of a family vehicle, Hispanics prefer to be guided by comfort in choosing the one that best suits their economic needs. In this sense, this group has registered very high expectations in this regard unlike African Americans, who place more importance on the style of the car.
Ultimately, highlights price as one of the deciding factors for Hispanics when looking for a vehicle in the United States. According to data provided by the report, at least 28% of buyers with these ethnic characteristics are looking for vehicles priced between $15,000 and $30,000.
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