Study indicates Australians are extensively researching their purchases and shunning financial options
Australians are a financially prudent bunch, according to recent research which reveals that 58 per cent of car buyers will be making an outright purchase of their next new car, versus only 26 per cent who plan on taking out a bank loan.
Over 45 per cent of those surveyed spend up to 20 hours researching a new car purchase, suggesting that Australian consumers take a cautious approach to car buying, and are prepared to invest considerable time to ensure they get the best deal.
The survey of 455 Australians, conducted by online car buying service Autogenie, found two thirds (66 per cent) of consumers named getting the best price possible as the most important factor in purchasing a new car.
“Buying a car is a big investment, whether you’re buying a brand new car or a second-hand vehicle. It’s no surprise that Aussies are looking for certainty, and keen to make sure they get exactly what they want -- especially given a new car typically lasts most people for three years or maybe longer,” said Shiju Thomas, general manager of Autogenie.
“You can never do enough research. In the long run, it is to the consumer’s benefit to find out as much as possible about the make and model of any car they are considering buying. Ask as many questions as possible and make absolutely certain that you are confident that your new car is the right one for you in terms of your lifestyle and your budget.”
The majority (67 per cent) of respondents’ first port-of-call when researching is to visit the dealership website, followed closely by 58 per cent who visit independent car review websites for an unbiased opinion.
· - Over one third (35 per cent) of respondents said that the worst thing about purchasing a new car is visiting multiple dealerships
· - One fifth (21 per cent) said the single biggest headache when it comes to purchasing a new car is trying to sell the old car.
· - Over 61 per cent of those surveyed typically visit between 2-6 dealers when the time comes to buy a new car.
· - 68 per cent of buyers know the price of the car they want before they even visit the dealership.
This research is timely considering that the ‘silly season’ delivers a sales tsunami for dealers and buyers alike with OEM incentives and special end-of-year deals to clear 2013 inventory.