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Who knew that women had so much influence when it comes to buying the family car? In fact, women have almost 80 percent of the purchase decision power – that’s a pretty impressive number.
The Heels & Wheels website (the site focuses on real world testing specifically by women) has some interesting numbers regarding women and their automotive purchasing influence. In addition to the figure stated above, women also make 62 percent of new car purchases and have over $5 trillion in purchasing power. And when the car breaks down, women make 65 to 80 percent of the service and maintenance decisions.
What do you think about these numbers? Do they translate in your household? Leave us your thoughts in the comments section below.
There are a lot of great feelings that come along with buying a new car, but there are a few things that we wish weren’t attached to the experience. Can you guess what they are? We’ll give you a hint about the top two that head the top of the list – they have to do with your wallet and where you’re going to have to buy it.
According to a recent survey conducted by the Consumer Reports National Research Center, the two greatest complaints made by new car customers are the cost of the vehicle (30 percent) and the dealership experience (22 percent). In the survey, 1,764 adults were interviewed about car purchases. Also in the things people dislike about buying a new car is financing (six percent), trading in or selling old car (five percent), not knowing if you got a good price (five percent) and making the final choice (four percent).
The survey also covers used car sales as well. Topping the list were concerns about reliability (24 percent), with dealership experience coming in second (11 percent), even though many of these sales are done privately. Rounding out the top five are the cost of the car (eight percent), not knowing if you got a good price (seven percent) and researching (four percent).
[Source: Consumer Reports]
It’s interesting to see a demographic breakdown of what people are buying and a new study shows that Toyota was the top automotive brand for African-Americans in 2010.
In the recent study conducted by Polk, the total new vehicle registrations among this demographic reached 641,090, an increase of 11.5 percent over 2009 (7.4 percent of all new vehicle registrations in 2010). It also goes on to say that the African-American market volume increase was 68.6 percent greater than the non-ethnic market increase of 6.8 percent.
“With the U.S. population growing faster in the African-American segment than others, there’s a significant opportunity for automotive manufacturers and dealers to begin to align marketing initiatives toward this specific audience,” said Marc Bland, product strategist at Polk. “Those companies that are ahead of the curve, like Toyota, are already reaping the rewards.”
Making the top five after Toyota include Ford, Chevrolet, Honda and Nissan – these five brands account for 60 percent of the African-American market. In terms of growth from 2009, Buick, Hyundai, Kia, Cadillac, GMC and Infiniti are doing well with the African-American market.
You can see the breakdown of the numbers after the jump.
We’re holding onto our cars for longer than ever before, says a recent analysis from the survey experts at R. L. Polk & Co. This means that consumers are now holding onto a new vehicle for 63.9 months on average, based on second quarter 2010 data. This number is up 4.5 months from the same time last year.
With economic times being what they are, these findings should not come as a surprise to anyone. Since 2008, the length of ownership has risen each quarter at a rate of more than 14 percent. In the data gathered by Polk, since the economic and auto industry meltdown in late 2008, the average length of new vehicle ownership increased an average of 3.7 percent annually. During this time, the average length of ownership of new vehicles has increased more than 14 percent, and it shows no signs of slowing down in the near future.
“Ownership trends are something our customers watch very closely,” said Eric Papacek, Polk solutions consultant. “Armed with insightful data on these trends, aftermarket and retail customers are able to appropriately plan for levels of service work and parts that may be required based on the increased age of vehicles on the road.”
This information is valuable to the automotive aftermarket, as aging cars increase the service and parts needed. It also shows car manufacturers important opportunities in regards to targeting the consumers who hang on to older vehicles as potential for new vehicle purchases.