New research from used car website Motors.co.uk has revealed what really makes car buyers tick when pondering over what car to purchase.
1 in 6 under 35’s (16%) prioritise in-car technology when thinking about making a car purchase
The research of over 2,000 GB adults revealed that we could be a nation judging by looks. In particular, the ‘Facebook generation’ are the vainest, with 28% of under 35 year olds being concerned with the colour of their new car when deciding which model to purchase, compared to just 18%, who were concerned with the resale value. The research also revealed that the under 25’s of the nation were more than three times as likely to care about how much their car impressed others, in comparison to those aged 45 and over (7% vs. 2%).
Many people might joke that young people have their phones glued to their hands, and the research revealed that this could ring true, as 1 in 6 under 35’s (16%) prioritise in-car technology when thinking about making a car purchase compared to less than one in ten of those 45 years of age and over (9%).
A third (33%) of car buyers weren’t even aware of the typical depreciation value of the car they’re buying. £80,000.
The research highlights that a preoccupation with technology is distracting car buyers from a more long term view towards their car purchasing decisions. A third (33%) of car buyers weren’t even aware of the typical depreciation value of the car they’re buying. Young people in particular need to be mindful of what their car will eventually sell for, as 25-34 year olds are potentially more at risk of losing money when it comes to resale with 45% unaware of the depreciation value of their car.
Dermot Kelleher, Head of Business Intelligence & Marketing at Motors.co.uk comments on the results: “With the growth in popularity of the smartphone over the past few years, it comes as no surprise that we’re seeing this trend creep into the motoring market.
Our research has revealed that young people are concerned with having technology with them all the time, despite thinking about how much these types of car will eventually sell for. Our advice is to always look for the car you really want and that suits your lifestyle in the here and now, but keep in mind how much it will be worth when you come to sell it on in future.
The research comes on the back of the launch of Motors.co.uk’s new search tool, Smart Search, which enables consumer to search for their perfect car by what is important to their current and future needs, whether that’s by space, running cost, insurance group, budget, speed, optional extras or even colour.
April 4, 2014