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Survey Reveals Impact of Consumer Safeguards and Information on Used Car Buying
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| Majority of Those Polled Would Spend $25,000 on Nicer Used Model, Instead of New Vehicle; Used Buyers Embrace Internet, Certification Programs and Warranties |
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Jun 10, 2004 22:23:48 |
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Description:
Irvine, CA - June 12, 2003 - A recent Autobytel Inc. survey1 measuring attitudes of Internet used car shoppers sheds light on just how far the used car market has come since the old days of kicking tires and slamming doors. The survey paints a picture of an informed, prudent consumer who takes advantage of a range of relatively recent consumer safeguards and Internet information to take the guesswork out of what was once considered a high-risk purchase. A high degree of consumer confidence in the current used market is suggested, with the majority of respondents indicating that, if they had $25,000 dollars to spend, they would buy a "nicer used vehicle, with some miles but more options," instead of a new car.
Reflecting the recent rise in certified used car sales, nearly 80% of those surveyed expressed a preference for certified vehicles. Over 30% of respondents indicate that they would ONLY buy a certified used vehicle, with an additional 48% indicating that they might buy a certified vehicle. Forty-five percent of those polled indicated that they would not buy a used vehicle without first purchasing a vehicle history report, with an additional 31% reporting that they would probably purchase a report if the vehicle has high mileage. Over 80% stated that used vehicle warranties "make sense" to them, depending on the year and make of the vehicle, while 90% indicated that they always or usually ask for maintenance/service records when shopping for a used vehicle.
Eighty-five percent cite a combination approach of shopping on the Internet and shopping through newspaper and periodical classifieds as the best strategy for finding a good deal on a used vehicle. (More respondents, however, selected a strategy of only shopping online, as opposed to only shopping through classifieds.) Nearly two out of three, meanwhile, indicated that it's "always better" to buy through a dealership, as opposed to a private party. When it comes to shopping for a used vehicle online, 90% prefer searching an inventory from dealers and private sellers - the model offered by sites such as Autobytel.com - while only 10% favor bidding in an online auction.
INTERNET USED CAR SHOPPER SURVEY
Conducted on Autobytel.com, Carsmart.com and Autoweb.com
If you had $25,000 to spend on a vehicle, would you buy:
A new vehicle
50%
A nicer used vehicle, with some miles but more options
51%
Does a used vehicle warranty make sense to you?
Yes, I feel more confident if the used vehicle I'm buying has a warranty
47%
Probably, but it depends on the year and make of the vehicle
33%
Not really, I don't think they cover much
15%
No, used warranties aren't worth anything
5%
Are you more or less likely to purchase a used vehicle if it's certified?
I am more likely to buy -- I would only buy a certified used vehicle
31%
I might buy -- it depends on what is certified on the vehicle
48%
I am not more or less likely to buy-- I think it's a marketing ploy
22%
When shopping for a used vehicle online, which method would you most likely use
to purchase a used vehicle?
Search online classifieds, then bid on an auction
10%
Search inventory from dealers and private sellers, then submit a purchase request
(through webites such as Autobytel.com)
90%
When shopping for a used vehicle, what is your most important feature?
Quality
55%
Low Miles
29%
Appearance
4%
Price
13%
When shopping for a used vehicle, would you purchase a vehicle history report?
Yes, I would not buy without a report
45%
Probably, if the vehicle has high mileage
31%
No, I don't think I'd get any useful information from a history report
24%
When shopping for a used vehicle, do you ever ask for maintenance/service records?
Yes, always
50%
Probably, it depends on the vehicle
40%
No, it's not necessary
10%
When shopping for a used vehicle, it's always better to:
Buy through a dealership
62%
Buy through a private party
38%
1 Based on a survey conducted on Autobytel Inc. websites (Autobytel.com, Autoweb.com, Carsmart.com) |
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