Study Says Most Car Buyers Wish They Knew More about Financing

Photo credit: Ken Biddulph / EyeEm - Getty Images

Photo credit: Ken Biddulph / EyeEm – Getty Images

From Car and Driver

  • Ninety-three percent of people looking to buy a car think getting prequalified for a loan would be useful, but only 50 percent of buyers actually did it, a new survey found.

  • The top frustration for car shoppers was an inability to see monthly payment options when shopping for a car online, well before a dealer gets actively involved.

  • The study by website CarGurus asked 754 people who either have recently or will soon buy a new car for their thoughts on car financing, and found older (over 45), wealthier ($100,000-plus annual income) men felt the most prepared when it comes to car loans.

If automotive dealerships want to keep up with the changing ways Americans are buying cars, they might do well to make customer financing options clear and simple to understand. Because as it stands,

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Car Buyers Move Online To Eliminate The Dealer Jerk-Around, Buyer Satisfaction Climbs to an All-Time High

PHOTO (select to view enlarged photo)
Look How Happy He Is

Editor’s Note: Now what does this say about historic dealer antics…hmmm

Atlanta, Jan. 25, 2021 – There was a time when consumers rated the car-buying process roughly on par with a stubborn root canal. But those days are passing into the rearview mirror now, as auto dealers move more steps of the retail process online resulting in consumer satisfaction hitting an all-time high, according to the new Digitization of End-to-End Retailing (DoEER) study by Cox Automotive.

With buyers spending less time at dealerships and benefitting from more efficient, digital retailing processes, those who were “highly satisfied” with the overall shopping experience reached 72%, up from 60% in 2019. The average vehicle buyer now visits only 2 dealerships in the vehicle buying process, down from 2.7 in 2016.

“According to our data, car buyers have never been happier,” notes Cox Automotive Vice President of Research

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Fear of job loss, uncertainty stalls car buyers — so Ford came up with an idea

Karl Brauer went to work in mid-June doing a job he loved, and he ended the day with news it had come to an end.

“I was let go the day after my seventh anniversary,” said Brauer, 50, a longtime industry authority as executive publisher of Kelley Blue Book and Autotrader.  “I’ve got a wife and we’re a single-income family with two kids, 21 and 19, with one on the autism spectrum and both in college.”

He had no warning he was going to lose his job. A few weeks before, he had been out new car shopping, but held off.

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“There are plenty of people out there who just have no idea what is going to happen,” Brauer said. “They may feel completely confident in their job, but they’ve got friends or relatives

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