When people shop for used cars, they typically look at a few key areas of interest. Price, fuel efficiency, repair costs and other related factors all play a role in how a prospective buyer looks at a potential purchase. But these qualities are not the only ones that matter. In fact, drivers are increasingly looking away from financial matters.
Drivers change their strategies
When motorists are truly strapped for cash, price dictates the final decision. Nowadays, however, people are choosing their rides based on more than just the price tag. The latest AutoTrader.com survey, the 2015 Automotive Buyer Influence Study, reported that many car buyers are looking for a ride because they want one, not necessarily because they need it. Approximately 61 percent of shoppers say their most recent purchase was something they wanted.
"This is another great indicator for the overall state of the automotive industry," said Jared Rowe, president of AutoTrader.com. "When consumers start to make big purchases out of desire rather than necessity, they are clearly showing more confidence about their personal financial situations."
Features dictate the decisions
Many of these drivers don't even have a specific model in mind – they just want to get behind the wheel. The AutoTrader.com survey found that almost two-thirds of motorists don't have a set budget and instead begin researching potential cars before deciding on a price point. This method allows shoppers to zero in on certain features that appeal to them and make informed decisions based on their desires.
Although some may think these amenities raise the price, the current landscape is very hospitable to shoppers. As more people look for new cars, they are trading in older models, which in turn floods the used car market with high-quality options. So if drivers know where to look, they can find used models loaded with attractive features – all at a price they'll like.
How to handle finances
Even motorists under a tight budget have the freedom to find vehicles with the features they want. Once drivers select a used car from the hundreds present at New Jersey State Auto Auction, they can work with the team at the financing department to acquire auto loans and credit approval. That enables motorists to stay within a budget while still getting behind the wheel of the car they want.