Shoppers Likely to Buy Used for Their Next Vehicle Purchase, According to CarMax Survey
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RICHMOND, Va.--More Americans say they will buy a used car once their current vehicle is no longer running, according to a recent telephone survey conducted for CarMax, Inc. , the nation’s largest retailer of used cars.
“Buying a used car is a smart way to spend in any type of economy”
“Buying a used car is a smart way to spend in any type of economy,” said Tom Folliard, president and CEO of CarMax. “Consumers can save thousands of dollars and still get the car they want for less than they expect.”
Thirty percent of respondents surveyed indicated that buying a used car is what they will do once their current car stops running. A greater percentage of women chose this answer (34 percent) than men who were surveyed (26 percent). One in five (18 percent) respondents said that they purchased a car in the past year despite the recession, while seven percent say that they are ready for a new car, but will buy a used car to be smart.
The following are the results of the recent telephone poll that asked adults: As the weather and the economy both show signs of possible thawing, which of the following statements best describes your attitude toward shopping for your next car?
|
Responses Offered |
Percent |
|
| I'll wait until my car doesn't run anymore, then I'll buy used | 30% | |
| I bought a car this past year despite the recession | 18% | |
| It's still too early, I'm nervous about spending that kind of money | 13% | |
| I am ready for a new car but I will buy used to be smart | 7% | |
| I'm doing my research online to find the right car to purchase | 7% | |
| I'm looking for something with fewer bells and whistles to keep the cost low | 2% |
The survey was conducted by Ipsos Public Affairs on behalf of CarMax. The national, random sample consisted of more than 1,000 U.S. adults who were interviewed by telephone during February 18 – February 22, 2010. Of those surveyed, 23 percent responded "none of the above/not applicable."
Consumers can search thousands of quality used cars on carmax.com or visit their local CarMax store to browse a large selection of vehicles. Consumers can find more than 30 top brands by fuel economy and features, read customer reviews, obtain safety ratings by the National Highway Traffic Safety Administration, review reliability ratings by J.D. Power and Associates, and get a free vehicle history report from AutoCheck, 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 2010 “100 Best Companies to Work For,” is the nation’s largest retailer of used cars. Headquartered in Richmond, Va., we currently operate 100 used car superstores in 46 markets. The CarMax consumer offer is structured around four customer benefits: low, no-haggle prices; a broad selection; high quality vehicles; and customer-friendly service. During the twelve months ended February 28, 2009, the company retailed 345,465 used vehicles and sold 194,081 wholesale vehicles at our in-store auctions. For more information, access the CarMax website at http://www.carmax.com.