New Survey From AutoBuying101™ Reveals the Best and Worst Aspects of Buying Cars
AutoBuying101.com launches as a new online resource for auto buyers.
CARLSBAD, CA--(Marketwire - Jul 14, 2011) - A new online resource for automotive buyers launched today called AutoBuying101.com. The site aims to be the essential consumer guide on how to get the best deal on new and used auto purchases. AutoBuying101™ helps simplify the auto buying process with an easy and simple three step process. It features information, research, tools, tips, and resource reviews developed by industry insiders so consumers can get all of the information and research they need to purchase a vehicle in one place. To mark the launch of the site, AutoBuying101.com is announcing the results of a recent survey that examines how Americans shop for cars and their overall satisfaction with the buying process.
“Generally, consumers like the physical and emotional aspects of buying a vehicle, but really don’t like the researching and financial aspects of buying,” said Steve Moretti, founder and executive editor of AutoBuying101.com. Moretti is an automotive industry veteran and insider who has held executive positions at Capital One Auto Finance and Kelley Blue Book. “Buyers like the idea of having a new, or new to them, automobile – that new car smell, test driving different models, and driving off the dealer’s lot in their new vehicle. But they don’t like the more difficult components associated with getting a good value such as setting a budget and negotiating the sales price, and this is why we created AutoBuying101.com.”
To mark the launch of the new site, AutoBuying101 recently commissioned the first, annual, national Auto Buying Experience Study™. The study asked Americans who recently purchased a vehicle within the past three months about how they shopped, how they made purchase decisions, and what the experience was like.
Overall satisfaction is strong, but the process is stressful and consumers are skeptical
- 79 percent of buyers feel they received a fair deal on their auto purchase
- While 74 percent of buyers enjoyed the overall auto buying process, 62 percent said that it was stressful
- Almost half, 43 percent, felt the auto buying process was complicated
- Only 28 percent of respondents said they trust automobile dealers
The “best” and “worst” about the auto buying experience
The survey also looked at the process of buying cars and how the average shopper felt about the process and how they make their decisions:
- Most buyers spend one to three months considering their purchase before buying
- The Internet plays a major role in the car buying process with 83 percent of respondents visiting manufacturer websites, 82 percent visiting independent automotive information sites and 78 percent checked out at least one dealership website.
- People usually do not shop alone – 66 percent brought a friend or family member with them
- The best part – 38 percent of respondents said that the best part of the auto buying process was driving away in their new vehicle while 19 percent felt that test driving and inspecting was the best part
- The worst part – 37 percent said negotiating the price was the worst part of the experience while 22 percent felt that setting a budget was the worst part
Consumer preparedness in purchasing vehicles is still low
While there is a plethora of information available about new and used models, auto buyers are still focused on the physical aspects of buying a car versus the transactional aspects. Preparedness can lead to a better price and more consumer satisfaction.
- 44 percent of buyers did not know their credit score before making the purchase
- 47 percent of buyers did not try and get pre-approved for financing before the purchase
- 44 percent of buyers did not have an scheduled appointment with the dealer on the day they purchased their vehicle
Moretti continued, “If a consumer wants the best deal, it is imperative for them to do their homework and be organized before walking into a dealership. The more they know, the easier, faster, and less stressful the process will be.”
What buyers need to know before heading to the dealer
AutoBuying101 is an independent automotive resource that offers an easy three step process to help ensure buyers get the best deal they can. The site also offers valuable tools, checklists and insider insights on the best automotive resources. Based on the study results, AutoBuying101 offers the following critical reminders to keep in mind when preparing to buy a vehicle:
- Set a budget – use online calculator tools to help you understand how much you can afford and what you will be paying on a monthly basis. Don’t forget the additional fees associated with taxes and registration.
- If you plan on financing the purchase, know your credit score and try and get preapproved– your credit score is the single most important piece of information relative to your ability to qualify for financing plans. If you can get pre-approved, even if you use financing provided by the dealer, you will have more control in the negotiation process and will ensure you are getting a competitive financing plan.
- Shop online and compare prices – begin the process from your home or office to reduce stress and save time. Have potential dealers/seller provide you pricing over the phone or through email to streamline price negotiations.
- Setup an appointment – before you head to the dealership, setup an appointment with the Internet Manager (who usually has more experience with organized consumers that are shopping around). If you develop contact with the Internet Manager before you head to the dealership, you should be able to get in and out of the dealership faster.
- Bring a friend or family member – take someone with you to help give you a second opinion and provide you on the spot advice.
The Auto Buying Experience survey is a nationally projectable survey conducted online among 535 respondents. The survey was conducted by independent third party marketing research firm United Sample, Inc., during the month of June 2011. Initial results of the survey can be found at www.autobuying101.com/reports , and more results will be made available on AutoBuying101.com in the coming months.
AutoBuying101.com is an independent online resource for automotive shoppers to find helpful information and tips on how to get the best deals on any new auto or used auto (including cars, trucks, SUVs, and hybrids). Founded by automotive industry veterans, AutoBuying101.com provides a simple step by step process to auto buying, that arms each shopper with the critical information and resources needed to make a confident purchase. The information, resources, and tools provided on the site cover all major aspects of the process including financial planning, researching and comparing vehicles, and products and services that help consumers get the best deal. In addition, consumers can shop for vehicles directly using the Dealer Select Pricing Tool™ to get free auto price quotes from local dealers, and view real time inventory on more than 2,000,000 new and used cars for sale nationwide. Resources listed on the site are carefully vetted by automotive analysts and only the top rated websites are recommended to consumers. AutoBuying101.com (http://www.autobuying101.com) is owned and operated by Condurre Media (http://www.condurre.com), headquartered in Carlsbad, California. Connect with AutoBuying101™ via twitter.com/autobuying101, facebook.com/autobuying101, and youtube.com/autobuying101.