June 19, 2024
News

What Factors Influence Buyers When Purchasing a New Vehicle According to Dealers

When it comes to buying a vehicle, price is the top consideration for buyers, as reported by motor dealers. The latest Forecourt Foresight research from Close Brothers Motor Finance reveals that 77% of motor dealers identify price as the key factor for their customers.

Aside from price, other important factors for buyers include mileage on the vehicle (59%), manufacturer and model (45%), compliance with schemes like ULEZ (30%), and running costs such as servicing and road tax (29%). Fuel type (11%), vehicle efficiency (11%), vehicle size (8%), and vehicle color (3%) are lower on the priority list for buyers.

Lisa Watson, Director of Sales at Close Brothers Motor Finance, emphasized the importance of dealers understanding the financial challenges faced by consumers and adapting their strategies to meet customer demands.

  • Price – 77%
  • Mileage – 59%
  • Manufacturer and model – 45%
  • Compliance with schemes such as ULEZ – 30%
  • Running costs (e.g. servicing and road tax) – 29%
  • Fuel type – 11%
  • Efficiency (e.g. miles per gallon/kWh) – 11%
  • Size – 8%
  • Colour – 3%

FAQ

Q: What is the most important factor for buyers when purchasing a vehicle?

A: Price is the top consideration for buyers, according to 77% of motor dealers.

Q: What other factors are important for buyers besides price?

A: Mileage, manufacturer and model, compliance with schemes like ULEZ, and running costs are also significant considerations.

Conclusion

Considering the findings of the research, it is clear that price plays a crucial role in the decision-making process for vehicle buyers. Dealers need to be aware of the various factors that influence customer choices and adapt their approach to meet evolving consumer needs.


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