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Customers want a 'fair price', not the 'cheapest'

James Hind, Carwow

YouGov research commissioned by Carwow has revealed that customers would rather feel confident that they paid a fair price for their vehicle than the lowest possible price.

The study of 1,018 adults, who had all purchased a car up to three years old in the last 12 months, aimed to uncover more about the purchasing journey of car buyers, along with their needs and worries.

Carwow said that the majority (73%) of the respondents said that knowing they had paid a 'fair' price for their car was more important to them than paying the lowest possible price; suggesting that the age old concern over being ‘ripped off’ still remains front of mind for buyers.

Respondents said that they placed an emphasis on research ahead of committing to a purchase, with 87% stating that they needed to “do lots” before deciding to buy, with 76% saying that they like to be able to compare quotes before they buy.

The need for a convenient, hassle-free process also came through very strongly with over 90% saying they like the process to be as convenient as possible, a reflection of our increasingly busy lifestyles and continued reliance on the internet.

However, despite all of the above pointing towards a shift to online buying, many consumers still need the physical reassurance of being able to test drive the car they are buying and visit the dealer they are buying from in-person.

James Hind, founder of Carwow, said: "The way people buy cars is changing and this research uncovers more about what's important to consumers.

“I largely credit the rapid growth at Carwow to the fact that our site aims to respond to both the changing buying dynamics, while reducing the friction in the process for both buyers and dealers. 

“A new car is one of the most expensive purchases people make in their lives and it's easy to assume that getting a bargain would therefore be a priority; however the reality is, when spending so much money, people naturally want to know they are getting a good deal and that they are not overpaying.

“At the end of the day, buying a new car is a really exciting purchase for most people, but it's often overshadowed by the apprehension, doubt and hassle buyer encounter.

“Carwow buyers are very evangelical about how our proposition answered their doubts about price, while making the whole process more enjoyable. When spending so much money, why shouldn't the buyer be in the driving seat?”

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  • David - 10/01/2017 12:46

    I fail to see how when the Uk's number 1 car comparison used car site defaults to return the lowest priced cars 1st why the consumers think that they are not seeing market transparency? Consumers always seem to change as the winds changes direction?