Those often-deafening car commercials may be falling on deaf ears when they emphasize cheap interest rates and other such incentives, to judge by the findings of a new Kelley Blue Book survey of consumers who are in the market for a vehicle.
More than one-third of respondents plan to pay the whole cost of the purchase in cash. That goes for 42 percent of those who plan to buy a used vehicle and 20 percent of those shopping for a new model. Eighty-two percent of used-car shoppers and 51 percent of new-car shoppers said incentive offers would “have no effect on the timing of their next vehicle purchase.” Similar numbers said incentives wouldn’t affect their choice of specific model.
For those who do plan to finance their next vehicle purchase, the most popular incentive (cited by 30 percent) is “zero-percent financing,” followed by “low monthly payments” (21 percent).
Sixty-seven percent of vehicle shoppers intend to buy a used one. Among these respondents, 62 percent plan on spending less than $15,000 on the purchase. Fifty percent of those in the market for a new vehicle aim to spend $25,000 or less on it.
Elsewhere in the survey, price tied with durability/reliability/quality when respondents were asked to identity the factors that matter most to them in their choice of a vehicle.