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Hyundai Consumer Survey Reveals Escalating Influence of “Value on Car Buying Decisions

 

FOUNTAIN VALLEY, Calif., April 17 -- A new consumer survey commissioned by Hyundai Motor America reveals that consumers today place a stronger emphasis on value than they did just three years ago when shopping for new vehicles.  Additionally, the survey discovered that the three top considerations when buying a new car are: 1) reliability, 2) safety and 3) fuel efficiency. 

Fifty-nine percent of all survey participants identified "value" as "much or somewhat more" important in their decision to purchase a new vehicle than it was three years ago, and the number was higher among certain niche audiences.  Women (65 percent), young adults ages 18-24 (70 percent) and African Americans (74 percent) were the groups most concerned with getting the best value for their money.   

"In an uncertain economic environment, consumers are making well reasoned purchase decisions based on value," said Robert Cosmai, vice president of national sales for Hyundai Motor America.  "The survey results are representative of today's tumultuous economy and the state of world affairs. Cars that offer the most reliability, safety and fuel efficiency per dollar will win as long as consumers are watching their pocketbooks." 

As consumers become more market savvy, they become more familiar with the vast array of marketing considerations.  The survey also showed that Americans rate reliability as either the first or second in importance when shopping for a car (44%), closely followed by safety (43%) and fuel efficiency (27%). 

The two biggest worries about new car shopping are negotiating (39%) and getting a good deal (22%).  Most Americans (61%) are pragmatic about what they drive, stating that their vehicles are primarily a mode of transportation rather than a statement about personality or lifestyle.

Just 12% claim their car defines them as a person. The vast majority of shoppers (89%) are confident that they will ultimately receive a fair deal and find a car that is suitable for themselves and their families.

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