Car Shoppers Report Increased Transparency While Buying a Car
"We believe that technology can make buying a car simple and enjoyable for consumers, and we're excited to see an increase in the number of car buyers who view it as transparent. To me, that signals how digital tools can help shoppers feel more prepared and confident before buying a vehicle," said
Additional survey findings include:
Consumers lean into digital tools before heading to the dealership
Most respondents plan to do more research on vehicles, dealerships, and financing, and say they will rely more heavily on online information than they did before COVID-19.
- 83% intend to do more background research on potential cars online than before.
- 63% feel it's easy to find information that makes them confident about their auto loan rate.
- 81% feel prepared when discussing finance options with dealers2.
- Of those who purchased a car in the last six months, more than half (51%) selected their preferred make/model online, while more than a quarter (26%) did the same at the dealership.
Consumers value dealerships as part of the purchasing process
While 78% of respondents intend to spend less time at the dealership than before COVID-19, in-person dealer experiences like test driving and negotiations are still important.
- 92% of respondents stated the test drive is an important step in the car-buying process.
- 50% feel most comfortable purchasing from a dealership where negotiations are the norm as opposed to no haggle pricing.
- Of those who plan to purchase a vehicle in the next 1-2 years, 43% plan to have discussions about pricing and financing in-person at the dealership.
The survey of 1,000
About Auto Navigator
Auto Navigator from Capital One allows car buyers to shop a digital inventory of millions of cars from more than 13,000 participating dealerships nationwide, pre-qualify for financing with no impact to their credit score, and see their financing options, all in one place.To learn more and pre-qualify for financing, visit https://www.capitalone.com/cars or download the app from the iOS
About Capital One
1 Responses include "completely transparent" and "very transparent" when asked: "On a scale of 1-5 with 5 being completely transparent and 1 being not at all transparent, how transparent do you believe the car buying process is today?"
2 Responses include "very prepared" and "somewhat prepared" when asked: "In general, do you feel prepared on the following topics when discussing them with dealers?" for "discussing finance options"
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SOURCE Capital One
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