Study Shows How Prepared Car Buyers In Their 20's Are
LeithCars.com conducted a study. Here are their findings.
LeithCars conducted a study of 1,000 people who have purchased a car in the past 2 years to reveal what buyers want by age group. For me, I bought my last car in February of last year and I did not need to do any research on it since it was such a bargain. As for the previous purchase, my 2009 BMW 328i M-Sport, I bought it almost 4 years ago with no research again. I saw that it had a manual transmission, fell in love with it during the test drive, and the rest is history. As for LeithCars, here is what they found.
Factors that Were The Most Influential
"We sought to understand what Americans value the most when purchasing a car. Each respondent was allowed to pick just one thing that mattered the most to them. Cost [28.6%] was the most important factor, by far, for all age groups when researching a car." Personally, after everything I have been through with my BMW, I would look at cars with the best warranties to offer. In my findings, I would choose a Hyundai or Kia for that matter. "Things like vehicle history, maintenance or repair costs, and size paled in comparison to the weight of dollars and cents...younger participants were more likely to rate gas mileage as the most important factor when looking to buy." For me, buying a car like a Hyundai and Kia, I would want to buy what I am going to enjoy. Cars are a big investment other than a house. If I were to get a new car, it would be between the Hyundai Veloster and Kia Stinger. Or maybe even that sexy looking K5. I am not sure now.
Researching A Future Car
"Research on cost, safety, and other car factors takes time, especially if you want to do it right. People were asked which aspects of cars and the car-buying process they researched, as well as how long it typically took them to find all the information they wanted. In total, it took an average of nearly three hours for respondents to feel they had sufficiently researched their future car. Additionally, our data showed that people who chose to finance their most recent car purchase through a traditional auto loan spent 42 minutes more researching than people who bought a car outright and an average of 54 minutes more than people who leased a vehicle." When I research a vehicle, I usually have gone with what I have seen or heard about. Most of the other time, I have gone with experience with choosing a car. The first car I bought at a dealership was my BMW and I did not even research it. I saw it had a manual transmission and that it was a 4-door sedan and I was sold.
Preparing For The Big Purchase
"Research wasn't the only way to prepare; purchasers' finances had to be in order, as well. It typically took respondents an average of 6.4 months to financially prepare for their car purchase. Negotiating the price of the vehicle looked a little different based on whether people decided to buy new or used vehicles. People who chose to buy a used vehicle were more likely (49.5%) to say they focused on the total purchase price of the car when negotiating compared to people who bought new (33.9%)." With my BMW purchase, since I worked at the dealership it was being sold at, my employee discount made up for so much of the financial negotiating that I only really worked out my monthly payments. Maybe this can be good advice for those looking for a car; to go and work at a dealership for enough time to be able to get a great discount on a car, be it used or new. As far as financials were concerned, I had enough saved up as it was from my previous job.
The Value Of Being Prepared
"Preparation appears to make a difference. The people who reported being satisfied with both the vehicle they purchased and the price they paid spent the most time researching it beforehand, with a na average of 3.1 hours compared to just 1.9 hours of research conducted by people who were less than satisfied. Experience and age came in handy again, as those in their 20s reported being less than satisfied with the vehicle they purchased. Recall, this was the group who reported spending the least amount of time researching." As for me, I didn't do any research when looking at the BMW I bought nor do I regret it. I was very satisfied with everything and couldn't be happier, even with the engine blowing 3 years later, still owing money on it, and dropping a newer motor in because I am always in it for the long haul.
I would like to take a moment and thank LeithCars.com for giving me this opportunity to report their findings. For the full research study, click the link here.
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