CarGurus Analysts Find Big Savings for Adventurous Deal-Seekers
CAMBRIDGE, Mass., Aug. 4, 2017 /CNW/ -- While most used car shoppers search within their local area, the adventurous deal-seeker could scoop up big savings by thinking outside their postal code. New research from CarGurus, a leading car shopping website, shows that there are opportunities for Canadians to save significantly by planning a "Fly to Buy" car shopping getaway. Company analysts say that prices on comparable used cars can vary significantly city to city, so it is possible to fly to another city, buy a used car at a much lower price, drive it home, and still save substantially after travel costs.
For example, CarGurus data shows that a car shopper living in Vancouver could save more than $4,000 on a 2016 Ford F-150 if they "Fly to Buy" that car in Calgary – including the cost to fly to Calgary and the cost of gas for the car ride home. In another example, a shopper living in Edmonton can save more than $3,000 on a 2016 BMW 3 Series by flying to buy the car in Winnipeg – again, flight and gas costs included.
To find the optimal "Fly to Buy" cars and destinations, CarGurus analysts studied the company's Canadian used car inventory, evaluating local market prices on comparable vehicles to identify the most significant regional price differences. They also factored the average cost of both a plane ticket and the gasoline needed for the ride home.
"Canadian car shoppers often cross province lines to buy a car, but expanding their search area to even greater distances can offer the adventurous deal-seeker even bigger savings – with the added bonus of a fun summer road trip," said Lisa Rosenberg, Data Analyst at CarGurus. "While staying local makes sense for many car shoppers, this research highlights just how much variability exists with used car prices. Shopping for cars even in nearby cities can unearth opportunities to save."
A "Fly to Buy" map can be found here, additional findings from this study, and the study's methodology can all be found below:
Fly to Buy Trips for Popular Cars: Cars selected were among the most searched on CarGurus and additional trips for each car are available upon request.
2016 Ford F-150: Vancouver, BC to Calgary, AB – estimated savings of $4,750 2016 Ford F-150: Ottawa, ON to Calgary, AB – estimated savings of $1,514 2016 BMW 3 Series:Edmonton, AB to Winnipeg, MB – estimated savings of $3,327 2016 BMW 3 Series:Edmonton, AB to Vancouver, BC – estimated savings of $3,093 2016 Honda CRV: Winnipeg, MB to London, ON – estimated savings of $2,877 2016 Honda CRV:Halifax, NS to Montreal, QC – estimated savings of $1,720 2015 Toyota Rav-4:Calgary, AB to Toronto, ON – estimated savings of $1,752 2016 Honda Civic:Halifax, NS to Québec City, QC – estimated savings of $1,684 2015 Ford Mustang:Toronto, ON to Québec City, QC – estimated savings of $1,471
Methodology: CarGurus compared the Instant Market Value (IMV) data of the company's inventory of used cars for sale in Canada's largest metro areas. Analysts determined the IMV in each metro area for popular used cars and then compared prices for comparable vehicles between metro areas to identify estimated savings. Calculated "Fly to Buy" savings include the cost of airfare between cities based on TripAdvisor listings for least expensive nonstop* flights for August 1, 2017. The estimated cost of gas is based on Statistics Canada average retail prices by urban centre for May 2017. Metro areas are defined as the 80.5 kilometers around the city centre.
About CarGurus Founded in 2006 by Langley Steinert, co-founder of TripAdvisor, CarGurus (https://ca.cargurus.com) is a leading online automotive shopping website focused on bringing trust, transparency and efficiency to the car research and shopping experience. The site uses technology and market data analysis to help millions of automotive shoppers search for cars and quickly identify the best deals from top-rated dealers in their local area. CarGurus launched its Canadian site in 2015 and operates sites in the United Kingdom and Germany.
* Apart from Halifax to Quebec City, which does not offer nonstop flights. Savings for this trip reflects the cost of a one stop flight.
For further information: Shannon Todesca, [email protected], 617-315-1130, http://www.cargurus.com