This is the Summer for Car Shoppers to “Fly to Buy”
CarGurus Uncovers Exceptional Used Car Savings for Adventurous Deal Seekers
Cambridge, MA, June 30, 2017 – Most used car shoppers search for their next vehicle within their local area. But new research from CarGurus, a leading car shopping website, shows that for adventurous deal-seekers, there are opportunities 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’s possible to fly to another city to buy a used car at a much lower price, drive it home, and still save substantially after travel costs.
For example, data shows that a car shopper living in Albany, NY could save more than $2,000 on a 2015 Ford Mustang if they “Fly to Buy” in Miami versus buying the comparable car in their home town – including the cost to fly to Miami and the cost of gas for the car ride home. A shopper living in Albuquerque, NM can save almost $1,900 on a 2007 BMW 3 Series by flying to buy the car in Dallas – again, flight and gas costs included.
To find the optimal Fly to Buy cars and destinations, CarGurus analysts studied millions of car listings nationwide, comparing 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.
“Shopping local makes sense for most car shoppers, but the adventurous deal-seeker could find a used car far outside their home region and still see big savings—with the added bonus of a fun summer road trip.” said Lisa Rosenberg, Data Analyst at CarGurus. “Even for less ambitious shoppers, this research highlights just how much variability can exist on used car prices in different markets. Expanding your search area even moderately can sometimes unearth opportunities to save.”
Additional findings from this study and the study’s methodology can all be found below:
Top Fly to Buy deals for the 2015 Ford Mustang
2015 Ford Mustang is among the most popular searched cars on CarGurus.com
• Albany, NY to Miami, FL – estimated savings of $2,065
• Birmingham, AL to Houston, TX – estimated savings of $1,375
• Grand Rapids, MI to Tampa, FL – estimated savings of $1,363
• Fresno, CA to San Diego, CA – estimated savings of $1,297
• Des Moines, ID to Dallas, TX – estimated savings of $1,038
• Portland, OR to Boise, ID – estimated savings of $1,135
• Memphis, TN to Orlando, FL – estimated savings of $1,135
• Nashville, TN to Las Vegas, NV – estimated savings of $1,113
CarGurus compared the Instant Market Value (IMV) data on more than 5 million used cars listed for sale in the continental United States’ 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 average cost of airfare between cities based on the U.S. Department of Transportation Domestic Airline Consumer Airfare Report, 2016 Q3. The estimated cost of gas is based on AAA’s rate on June 5, 2017. Metro areas are defined as the 50 miles around the city center.
Founded in 2006 by Langley Steinert, co-founder of TripAdvisor, CarGurus is a leading online automotive shopping platform, focused on bringing trust and transparency to the car research and shopping process. The site uses technology and market data analysis to help shoppers search more than 5 million car listings and quickly identify great deals from top-rated dealers in their local area. Today, the site serves 23 million unique monthly users and more than 22,000 subscribing dealers. CarGurus also operates websites in the United Kingdom, Canada and Germany.