Why Buy a Vehicle? Because I Want One!
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%
June 1, 2005
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
Surveyed consumers planning to buy a new vehicle in the next 12 months are asked what motivated their purchase decisions.
Price | 5% |
Prices are lower now | |
On Sale | |
Rebates | |
Lower Interest/Financing | |
Price Incentives | |
Vehicle | 49% |
Just want a new auto | |
Like new styling | |
Current auto has mechanical problems | |
Current lease is expiring | |
Personal | 19% |
Need a vehicle for work | |
Another driver in the family | |
Can afford a better vehicle | |
Miscellaneous | 27% |
Better Mileage | |
Present vehicle is old | |
Need larger vehicle | |
Other |
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