- Only around 3 in 4 (78%) of car buyers typically do any research at all before purchasing
- Holidaymakers more likely (84%) to do research before booking
- 47% of car buyers spend a week or less researching a new car
Only 78% of British car buyers say they typically do any research at all before purchasing a car according to a study by car finance provider Black Horse. This is less than buyers researching a holiday (84%) and only slightly more than those who research smaller purchases such as a mobile phone (72%) or a TV (66%).
There are differences across Britain with car buyers in the East Midlands being most likely to carry out research before buying (86%) compared to only 70% in the North East.
Of those who do research a car before buying, almost a quarter (23%) do so for a day or less, whilst almost half (47%) say they spend a week or less doing so. Just under one in five (19%) say they spend a month researching before buying.
Similarly when selecting which purchase they’d spend most time researching from a list (see table 1), 31% of Brits said a holiday, almost double that of those who said a car (16%). This gulf is widest in 18-24 year olds where 41% say they typically spend the most time researching a holiday and 19% said mobile phone, compared to only 9% who answered a car.
Black Horse head of motor finance Tim Smith said: "With the obvious exception of property, a car is likely to be the most expensive purchase people make. So its crucial that people carry out detailed research before buying and our data suggests many of us do not. We also see a large volume of buyers appear to carry out only limited research despite the likely cost and lifespan of the purchase.
"We would strongly encourage anyone looking to buy or lease a car to consider all options available to them, to shop around for the best deal and fully understand the total cost especially
over the term of a finance or leasing agreement. Whilst consumers rightly research electronic goods and holidays before buying, the reality is these are not usually as expensive as a car."