Affordability and Quality Are Top Factors for Today's Car Shoppers, According to Survey
RICHMOND, Va.--Given the current economic conditions, affordability and quality were chosen as the two most important factors driving the majority of vehicle purchases in a recent survey conducted for CarMax, Inc. , the nation's largest retailer of used cars.
When given one choice, fifty-six percent of those surveyed chose affordability as the most important consideration in their next vehicle purchase, while quality came in second, selected by 17 percent of respondents. Men indicated they are more likely to purchase based on performance, with 13% choosing that as the most important factor versus 8% of women. Also, according to the survey, women are more than twice as likely as men to focus on safety in an upcoming vehicle purchase, however only six percent of respondents overall said that safety was the most important factor.
“Now more than ever, consumers are shopping smart by searching for great value,” said Tom Folliard, president and chief executive officer of CarMax. “Vehicles at an affordable price, with guaranteed quality and reliability, are what shoppers are looking for during these challenging economic times.”
The following are the results of a recent poll of adults who were asked: With the downturn of the economy, what is the most important factor that will drive your next vehicle purchase?
|
Response: |
Percent |
Male |
Female |
||||||||||
| Affordability | 56% | 265 (55%) | 300 (58%) | ||||||||||
| Quality | 17% | 88 (18%) | 82 (16%) | ||||||||||
| Performance | 10% | 62 (13%) | 40 (8%) | ||||||||||
| Environmental Factors/Green | 8% | 42 (9%) | 42 (8%) | ||||||||||
| Safety | 6% | 16 (3%) | 42 (8%) | ||||||||||
| Design | 2% | 13 (3%) | 11 (2%) | ||||||||||
The survey was conducted by Ipsos Public Affairs on behalf of CarMax. The national sample consisted of more than 1,000 U.S. adults who were interviewed online January 15 - 20, 2009.
Currently, there are more than 4,000 cars at carmax.com priced under $12,000. Each vehicle is reconditioned, goes through a 125-point inspection for quality and comes with a free online Vehicle History Report. Consumers can search vehicles from 30 top brands by fuel economy and features, read customer reviews, review reliability ratings by J.D. Power and Associates and obtain safety ratings by the National Highway Traffic Safety Administration, all on carmax.com. All vehicles come with a five-day, money-back guarantee and a limited 30-day warranty (60-day in Conn.).
About CarMax
CarMax, a FORTUNE 500 company, and one of the FORTUNE 2009 “100 Best Companies to Work For,” is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 99 used car superstores in 46 markets. The unique CarMax consumer offer provides our customers the opportunity to shop for vehicles the way they shop for items at other national retailers, and it is structured around four customer benefits: low, no-haggle prices; a broad selection; high quality vehicles; and a customer-friendly sales process. During the twelve months ended February 29, 2008, the company retailed 377,244 used vehicles and sold 222,406 wholesale vehicles at its in-store auctions. For more information, access the CarMax website at http://www.carmax.com.