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Consumer Survey Reveals Escalating Influence of “Value on Car
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.