The No.1 reason many consumers buy a new car is simply because they want one, according to a study by Vertis, an advertising and marketing firm.
Pure desire will lead 36% of new-car purchasers to buy a vehicle within the next 12 months, says the survey of 2,000 adults.
Eight percent say they are motivated by mechanical problems with their current vehicle, 11% because they need one for work and 4% because they have a new driver in the family.
Only 5% plan on making a purchase within 12 months based on lower prices, lower interest and financing or price incentives.
For people born after 1976, 24% of single Generation Y men compared with 16% of Gen Y women say they plan to purchase a new vehicle within a year.
Thirty-two percent of Generation Xers (people born after 1964) say they are motivated to visit a dealership based on price incentives; 5% more than the average adult.
Gen Xers are 9% more likely than total adults to be motivated by a special financing offer while Generation Yers are 6% more likely than total adults to be so motivated.
Of younger Baby Boomers (those born after 1955), 21% say a rebate offer motivates them to visit a dealer when shopping for an automobile, compared to 16% of total adults. Gen Y adults are 5% more likely to be lured by a special trade-in offer.
Here's Why Adults Are Buying New Cars
| Total Adults | ||
|---|---|---|
| Price | 5% | |
| Prices are lower now | 2% | |
| On Sale | 0% | |
| Rebates | 0% | |
| Lower Interest/Financing | 1% | |
| Price Incentives | 1% | |
| Vehicle | 49% | |
| Just want a new auto | 36% | |
| Like new styling | 1% | |
| Current auto has mechanical problems | 8% | |
| Current lease is expiring | 4% | |
| Personal | 19% | |
| Need a vehicle for work | 11% | |
| Another driver in the family | 4% | |
| Can afford a better vehicle | 3% | |
| Miscellaneous | 27% | |
| Better Mileage | 1% | |
| Present vehicle is old | 4% | |
| Need larger vehicle | 2% | |
| Other | 19% | |
| Source: ©2005 Vertis Customer Focus®: DM 2005 | ||
