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Opinion Research Survey Finds Slowing Economy Influencing Used Car Shoppers
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| 70% of Consumers Believe that Purchasing Online Could Enable Them to Buy a Better Used Vehicle for Less Money |
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| Updated |
Jul 7, 2004 20:35:57 |
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Description:
Irvine, CA - April 19, 2001 - Car buyers are heading to used car lots as the American economy continues to slow. In a recent study conducted for Autobytel.com by Princeton, New Jersey-based Opinion Research, 39 percent of American adults feel the current state of the economy would influence them to purchase a used vehicle rather than purchasing or leasing a new vehicle. Those with household incomes under $50,000 are more likely to say that the economy would influence them to purchase a used car or truck than adults from households with higher incomes (47% versus 29%).
Seventy percent of adults surveyed also agree that purchasing online could enable them to buy a better vehicle for less money. Over one-half (52%) indicated that the first source they would trust for objective information to help them obtain the best price is a website (such as Autobytel.com) that offers comparisons on multiple brands and features. Only 13 percent of those surveyed said they would first trust a website offering only one make of vehicle; 23 percent indicated that they would first trust a salesperson from a dealership or used car lot for this information.
Eighty-one percent said, when it comes to the actual purchase of a used vehicle, that the ability to exchange a vehicle for another vehicle after the purchase, money back guarantees, or warranties, are important. Almost one-third of those surveyed stated that these options are extremely important.
Autobytel.com, the global leader in online automotive commerce, was one of the first Internet companies to take a stake in the $363 billion used car market by offering used car purchasing over the Internet, and has recently broadened its used vehicle program, CyberStore. "We have instituted new processes in our used car program to meet this increasing demand for used cars and trucks," said Autobytel.com President and CEO Mark Lorimer. "For example, the size of payments takes on greater importance in the monthly budget when the economy slows, so we have added a function that allows consumers to search for cars by monthly payment."
In addition, Autobytel's CyberStore is designed to help relieve tensions that often accompany the purchase of a used vehicle by providing comprehensive dealer guarantees on certified vehicle listings. Accredited CyberStore Dealers offer certified vehicles with three-month warranties and a 72-hour exchange policy, as well as non-certified vehicles. All certified vehicles in the CyberStore must meet state requirements for inspection and emissions, and the site provides free "lemon checks" and extra vehicle history reports.
Autobytel.com CyberStore consumers have multiple options to help them find the exact used car or truck they are looking for, including search by make and model, search by vehicle type, search by geographic location as well as price and monthly payment. With the ability to search from thousands of certified and non-certified used vehicles, used-car buyers can choose from vehicles of every description, priced from as little as $1,000 to as much as $100,000.
"When you want a used car, you can go to ten dealerships and never really find what you're looking for," said Autobytel.com customer Mary McCoig. "Autobytel took my criteria and matched me up with a dealer in minutes. You could spend two weeks on the phone trying to do that and fail. I did it in 20 minutes on the Internet."
The CyberStore also provides consumers with two windows of essential car-buying information. The top window displays the vehicle search results, while the bottom window provides specific details on each vehicle, including a digital picture, mileage information, pricing and other important information. CyberStore visitors are able to research and compare listings to help them find a used vehicle that fits their specific needs and budget.
According to Opinion Research, of the adults surveyed, nearly two thirds (64%) said they use the Internet. Eighty-three percent of those living in households earning $50,000 or more indicated they used the Internet compared to 55 percent in households earning $50,000 or less. |
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