More cars being bought out of desire, as opposed to need, AutoTrader finds

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26th January 2015 15:36 - Automotive

AutoTrader’s 2015 Automotive Buyer Influence Survey has revealed that just over 3 in 5 (61 per cent) car buyers bought their latest car out of desire, not need.More cars being bought out of desire, as opposed to need, AutoTrader finds

The research questioned more than 2,300 buyers of cars, both new and used, to determine the process of car shopping and purchasing. The research signalled the increasing health of the automotive industry.

President of AutoTrader, Jared Rowe said of the findings: "This is another great indicator for the overall state of the automotive industry. When consumers start to make big purchases out of desire rather than necessity, they are clearly showing more confidence about their personal financial situations."

Of the respondents, 64 per cent claimed to have done some research before setting a budget for a new car. This finding supports Rowe’s views of consumers’ financial situations, as it shows that they are not confined to a strict budget and therefore, they are likely to not suffer from financial worries. 

At the start of the automotive buying journey, 63 per cent do not have a specific make and model in mind. As a result of this, 75 per cent search the internet to make a decision about which make of automotive they’d like to buy.

Once at the dealership, 77 per cent buy the car which they were planning to.

The findings of the study showed that on average, new car buyers spend 16.9 hours shopping. Of the 16.9 hours spent shopping, 70 per cent is on the internet.

Online, 66 per cent of consumers use third party websites, 64 per cent visit OEM (original equipment manufacturer) websites and 61 per cent use dealership websites.

Of the websites, 37 per cent claimed that third party sites were the most useful, during the process of purchasing a car. Closely following was OEM sites (34 per cent) and dealer sites (19 per cent).

Social media was also identified as being the most useful tool when buying a car online, by just one per cent of the sample.

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