Black Horse has uncovered evidence that 22% of potential car buyers do no research at all before arriving on a dealer's forecourt.
The motor finance specialist found in a recent study that there were differences across Britain with car buyers in the East Midlands being most likely to carry out research before buying (86%) compared to only 70% in the North East, but just 78% spend time considering their potential purchase before taking the plunge.
Of those who do research a car before buying, almost a quarter (23%) do so for a day or less, whilst almost half (47%) say they spend a week or less doing so.
Just under one in five (19%) say they spend a month researching before buying, Black Horse said.
Black Horse’s head of motor finance, Tim Smith (pictured), said: “With the obvious exception of property, a car is likely to be the most expensive purchase people make.
“So its crucial that people carry out detailed research before buying and our data suggests many of us do not.
“We also see a large volume of buyers appear to carry out only limited research despite the likely cost and lifespan of the purchase.
“We would strongly encourage anyone looking to buy or lease a car to consider all options available to them, to shop around for the best deal and fully understand the total cost especially over the term of a finance or leasing agreement.
“Whilst consumers rightly research electronic goods and holidays before buying, the reality is these are not usually as expensive as a car.”
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