- Necessity has become the primary driver for vehicle purchases. In what may be a sign of the economy’s continued softness, fewer respondents said they purchased or leased a vehicle simply because they wanted something new (21% in 2010, down from 32% in 2009). The number one reason cited for purchasing or leasing a new vehicle was the current vehicle being unreliable or broken down (26%, up from 19% in 2009).
- Vehicle availability influences consumers’ choice of dealerships. 20% of respondents chose a dealer based on specific online inventory listings, up from 15% last year. Dealer loyalty is eroding, as only 24% said they selected a dealer because they or someone they knew had previously purchased or leased from that dealer, down from 37% in 2009.
- Brand loyalty is diminishing. Compared to 2009, consumers are less likely to want to purchase the same brand of car they previously owned (35% in 2010 versus 39% last year).
- More than four out of five car-buyers shop online first. 83% of respondents said they were likely to shop for a vehicle online before making a purchasing or leasing decision. Among those researching vehicles on OEM and dealer websites, price and preferred equipment selection was cited as the leading factor in purchase decisions.
- Concerns about fuel economy have waned with the stabilization of gas prices. While fuel economy is critical to about half the consumers, (54%, down from 60% in 2009), vehicle price (74%), body style (68%) and overall appearance and styling (59%) rank higher as must-have features.
