Many factors come into play when a buyer is looking for a new or used vehicle. You could assume that the price has a lot to do with it, but how do you know for sure? We have compiled customer data from thousands of surveys across the country and have broken it down into digestible information. One section of our data identifies and highlights important buying factors for automotive customers, and in this article we will give you a glimpse of the cognitive process your customers experience prior to purchasing a vehicle.
So what influences buying the most? Across the board the factors that influence buyers the most are the price and the salesperson. Other factors include availability, future service and location. Generally the older the buyer, the less impact that price has on their decision to purchase. However, this is not to say that price is not important; it still plays a huge role in any buyer’s decision. As a result, the other factors all become more important for older buyers. With the exception of future service playing a slightly larger role for females, there are no significant differences in gender and the influence that each buying factor has on them.
Are you selling used cars? If so, you should consider targeting the younger crowd, because according to our surveys buyers under the age of 25 are twice as likely to buy a used car as age 55+ buyers! Smart phone penetration is much higher for younger buyers, so it’s important to stay on top of the latest mobile marketing strategies and trends. While price is the most important factor for smartphone users, future service is next in line. Another important buying factor for smartphone users is location.
As a result of buying more used cars, younger buyers are more likely to visit car buying sites. The most popular web site is autotrader.com, followed by edmunds.com, kbb.com, and cars.com. The research also indicates that older customers take less time to consider a purchase.
These statistics can help you narrow down the factors that automotive buyers are most concerned with, and ultimately allow you to better understand your customers’ wants and needs. Our full service automotive and digital advertising experts have helped countless dealerships just like you find the right customers at the right time. It’s time to step up your game!