We typically perceive purchasing a new vehicle as a positive, and it seems reasonable to think about it this way. We all have stories of taking our new car or truck to show friends and relatives and we are usually pretty excited about it. Further, customer satisfaction data with the purchase experience and the vehicle itself is most often favorable.
Still, not all who enter a dealership with the goal of purchasing or leasing a new vehicle are shiny, happy, people. Using data from Maritz Research’s New Vehicle Customer Study (NVCS), a study representative of those who purchase or lease new vehicles within the US, we can better understand what led people to take the plunge and make the purchase. The figure below shows consumers’ reasons for purchasing or leasing a new vehicle during the period October 2011 through April 2012.
The figure shows that different factors motivate consumers to purchase or lease a new vehicle. Some center on vehicle age and the problems associated with that. This could have led people to plan ahead to purchase a new vehicle, or they may have been hit with a big repair bill, that forced them to have to deal with the question of whether to obtain a new vehicle under more stressful circumstances, a plight shared by those whose vehicle was stolen or totaled in an accident. Others are clearly looking for the best deal, so their mindset has a strong financial component. Some appear to consider long-term savings either by purchasing a more fuel efficient or environmentally friendly vehicle. Still others, motivated by impulse, simply went for it because they wanted a new vehicle or because they were so turned on by a particular model and couldn’t resist it. Of course, some individuals have many motivations for purchasing or leasing a new vehicle, and this complicates the picture considerably.
So, what’s the key takeaway from this type of information? Namely, that good communication between sales associate and potential customer is key. Customers’ motivations for purchasing provide important clues as to what vehicles on a dealer’s lot provide the best fit. They may also supply information on the type of financing individuals need. While this may sound commonsensical, we hear all too many examples of situations where a disconnect occurs between sales associate and customer. Having a conversation that gets at customer motivations can do much to ameliorate this situation.