Edmunds: Car Shoppers Don’t Focus on Rock-Bottom Price
May 20, 2014
SANTA MONICA, Calif. — About 20% of car shoppers consider themselves “extreme price grinders” who will take as much time as they can to get the lowest possible price on a new or used car, according to a new report released by Edmunds.com.
In fact, according to Edmunds.com officials said, a clear majority of car shoppers (64%) value the importance of saving both money and time in the shopping process.
“These findings dispel the myth that car shoppers will do whatever it takes to pay a rock-bottom price,” said Edmunds.com President Seth Berkowitz. “The feedback we’ve received from shoppers is clear: They’re more than willing to limit their efforts to haggle if they can get a fair deal without the difficulty and stress of long negotiations.”
The balance of time vs. money is just one of the interesting findings of the 2014 Car Shopping Trends Report, which was released this week by Edmunds.com. The report is based on a survey of 500 in-market and recent new- and used-car shoppers from across the United States.
According to the study, 66% of shoppers said that they are likely to request guaranteed upfront pricing on a new car, and 82%of shoppers said they prefer to have a price guarantee on a VIN-specific new car as opposed to a vehicle configuration that may or may not be on the dealer’s lot.
When it comes to mobile, 100% of smartphone owners surveyed say they used their device to perform some sort of car-shopping activity, typically for vehicle and pricing info. During the shopping process, shoppers will, on average, visit two dealers and take two test drives — although only 58% of respondents said they test-drove a vehicle before they made their most recent purchase. Additionally, 83% of car shoppers said that they come away very or somewhat satisfied with their dealership experience.
To view the full study, click here.