Genders, age groups, and regions differ in terms of what they value in their vehicle purchase decision and how they go about executing it.
That’s according to research from Yonkers Honda that examined the habits of American car buyers.
Every region except for the Midwest (52.31%) favored new car purchases over used.
Boris Maksumov, marketing manager at Yonkers Honda, says he found the regional differences surprising.
"Those in the Midwest, for example, were less likely to consider technology and safety in their decision compared to the other regions,” he says.
Men were 1.5 times more likely than women to negotiate $2,000+ off of their car’s asking price, while women were 1.4 times more likely than men to negotiate nothing at all. Men also valued style and technology more than women did in their purchase decision, while women valued fuel economy, affordability, safety and comfort more than their male counterparts.
Young people were 2.3 times more likely to not set any budget at all, compared to the entire population. As consumers age, they are more likely to buy a new car rather than a used car. Every age group was most likely to only visit one dealership before their purchase except for those 18 - 24, who tended to make two visits.
Buyers who landed under their budget were nearly 1.4 times more likely to negotiate $2,000+ off of their car price, as compared to those who ended up right at their budget or over it. Buyers who prioritized affordability were only slightly less likely to go over budget as those who didn’t prioritize it.
Auto marketers need to remember the importance of an automobile meeting a multitude of consumer needs, Maksumov tells Marketing Daily.
“Regardless of demographic, individuals take an assortment of factors into consideration when making a purchase decision,” he says. “It is important to address as many of them as you can.”