NEW YORK, N.Y. — According to a survey by BIGresearch, nearly a quarter of consumers surveyed who purchased or leased a new vehicle in the past six months said they did so because financing deals and incentives were too good to pass up. The same number cited repairs as the reason behind the purchase.
"Automobiles are big-ticket items, and consumers are looking for value in a competitive market," said Gary Drenik, president and CEO of BIGresearch. "What they're saying is that one way manufacturers can create value is by continuing to offer financing options and incentives. It's becoming expected."
In the next six months, 10.2% of consumers said they are planning to purchase a car versus 9.7% in November. The top five makes currently owned by people planning to purchase a new car are Ford, Chevy, Dodge, Honda and Nissan.
Consumers who purchased a vehicle because of financing deals and incentives are also planning to spend more than, or the same as, last year in the next 90 days across every retail category. In fact, 30% of those who took advantage of financing deals in the past six months said they'd spend more in the next 90 days than they did last year on CDs, DVDs, videos and books.
Motivations for last vehicle purchase:
• Financing deals/incentives were too good to pass up. (23.2%)
• My lease was up. (6.1%)
• My old car had high mileage. (35.8%)
• My old car was always in the repair shop. (23.0%)
• I was tired of my old car; I wanted something new. (23.7%)
• I wanted a vehicle with new "tech toys" (GPS, DVD, etc.). (22%)
• I wanted a vehicle with better gas mileage. (14.3%)
• I wanted a vehicle with better safety features. (14.6%)
• I like the style of the new models. (13.6%)
• Other. (33.5%)
*The sum of the % totals may be greater than 100% because the respondents can select more than one answer.
