With all of the recent car commercials focusing on bells and whistles such as parking assist, radars and touch screens, we at Persuadable Research decided to conduct a study on car buying. What we found was that car buying is still ruled by very practical considerations, even with the advent of new high tech gadgets.
Price still remains the number one factor in car buying, followed closely by gas mileage. Brand came in third. Certain car brands have acquired reputations and buyers notice. The size and seating of the car is also important. No doubt this applies to families who need a minimum number of seats for their own families, or for activities they engage in from carpooling to transporting items. Color was much less important. Ranking items from 1 to 8, with 1 being most important and 8 being the least, it scored a 5.9. Interestingly, features such as Bluetooth, GPS or other technological features were ranked as less important than all of the above features.
When asked about self-driving cars or electric cars, Persuadable Research found that nearly equal numbers of people, 69% and 68% respectively, were somewhat to extremely interested in such vehicles. The bulk of interest was among younger people between the ages of 18-39, especially men. Most of those against self-driving cars, 58%, said they didn’t trust them. Those who would not buy an electric car, 48%, pointed to initial price as the main factor.
There are a number of reasons why people buy new cars. The reality is that 75% of panelists said they replace their car because it stops working, becomes unreliable or has too many miles on it. However, 41% replace their vehicle because they just want a change or they didn’t like their car. Males between the ages of 18-39 are most likely to replace their car for this reason. Only 15% cited family needs spurring them toward a new car purchase. A much lower number, 4%, said that they changed their vehicle because their lease had expired.
Need appears to be dictating a large portion of the decision making process when buying a new car. Still, there is a segment of people who just “want a change” and purchase a new car as a result. Younger people seem to be more open to electric and self-driving cars. Without a doubt, the auto market will change significantly in the next few decades. According to a Wired.com article, you won’t even need a driver’s license by 2040, as most cars will be self-driving. Keeping all of this in mind, we bet price will still be the main buying factor.