Survey Says

Capital One study reveals 74 percent of buyers aren't confident car shoppers

The car buying process is a hassle for most buyers, according to a new study.

Photo by Getty Images

Its a hassle that's been played out comically in commercials for years. The salesman and buyer decide on a price for a new vehicle and the salesman then heads to the back room where he's supposed to be negotiating with the finance team but instead makes himself a cup of coffee. Meanwhile, the nervous buyers sit and wait for what seems like hours.

It's no wonder that dealerships are the biggest pain point in the car buying process. A Cars.com study recently found that potential car buyers would rather clean toilets than go through the hassle.

A new survey by Capital One reveals the factors that lead to buyers' anxiety. To get the results, a survey of 1,004 U.S. adults ages 18 and older was conducted on behalf of Capital One Auto Finance using Engine Insight's Online CARAVAN omnibus in September 2019.

Capital One - Auto Navigator Infographic Graphic courtesy of Capital One

The results showed just how far dealerships still need to go to ease the process and how much educational opportunity there still is for buyers.

Only 26 percent of respondents said that they feel very confident when shopping for a car. This is a six percent increase over the 2018 results.

The lack of confidence came from three major areas:

  • 27% said it was because they did not have finances in order when visiting a dealership
  • 43% revealed that it was because of lack of research into the vehicle they're shopping for
  • 28% attributed the anxiety to past car buying experiences

In the 2018 survey, 16 percent of respondents said that they felt "like a boss" when car shopping. In 2019, that number rose to 24 percent.

"Car shopping should be enjoyable instead of stressful, and with a little pre-work, consumers can ensure their decision complements their lifestyle and budget," said Jeffrey Rabinowitz, managing vice president, Capital One Auto Finance. "We found that 88 percent of consumers surveyed understand what it means to pre-qualify for financing, but only half are willing to try it."

Financing is traditionally the longest part of the car buying process, which Cars.com says lasts around four hours on average.

While budget is the largest determination of which vehicle a buyer selects, 28 percent of Capital One survey responders said that they are also looking for the lowest monthly payment while 27 percent focused more on the final sale price. Just 20 percent of potential buyers said that they were concerned with the total cost of ownership.

Fifty-seven percent of respondents said that they are looking for improvements in the car buying process, especially when it comes to transparency in financing options, negotiations and more clarity on dealer incentives and promotions.

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BMW sends its V12 engine off in style

BMW will build its final V12 engine this June.

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Most automakers are focused on building EVs and extracting the best fuel economy from gas engines possible, so it’s not surprising to hear that BMW is pulling the plug on one of its biggest and most iconic engines. In June 2022, BMW will build its very last V12 engine for use in a super-limited-production special edition 7 Series model. The ultra-rare cars will carry a starting price of $200,995.

BMW 760i xDrive The last V12 will power a very special (and very expensive) 7 Series car.BMW

Only twelve lucky customers will have the option to nab a V12-powered BMW, which will be called the M760i xDrive. Displacing 6.6 liters, the twin-turbocharged beast produces a massive 601 horsepower. An eight-speed sport automatic transmission and all-wheel drive are standard. BMW says the powertrain is strong enough to push the hefty 7 Series car to 60 mph from a standstill in just 3.6 seconds.

The final-run cars will feature little more than a special “V12” badge at the rear to differentiate them from standard 7 Series models. Inside, the car features a serialized plaque with the car’s production number out of the 12 units planned. The engine itself features a nameplate with “The Final V12.”

Beyond the badges, BMW’s 12-cylinder last-hurrah will come standard with 20-inch M double-spoke wheels, a choice of any available BMW full Merino leather color, M Sport brakes with black or blue calipers, a panoramic LED roof, remote control parking, a Bowers & Wilkins surround-sound system, and adaptive LED headlights.

BMW 760i xDrive Only 12 of the cars will be built, with a starting price of more than $200,000.BMW

Though it hasn’t been BMW’s most popular engine over the years, the V12 has been a part of the automaker’s catalog for 35 years. The first 12-cylinder engine showed up in 1987, producing 295 horsepower in the original 750iL sedan.

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The car shows just 9,000 miles.

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If you’re in the market for a new and unique sports car, this may be your fix. The Mazda RX-8 is a much-maligned and somewhat unreliable vehicle, but the price on this auction may be just right. The 2005 RX-8 shows just 9,000 miles on its odometer and looks to be in wonderful shape.

2005 Mazda RX-8 Unsurprisingly, the RX-8 looks almost new.Bring a Trailer

The RX-8 was an interesting but problem-plagued car that many enthusiasts steer clear of these days. Numerous things can go wrong with the rotary engine that powers the car, including bad ignition coils, engine fuel flooding, catalytic converter issues, and starter problems. The engine’s unique design caused problems when drivers started and quickly shut down the car without letting it warm fully. The problem would prevent the car from starting until remedied but didn’t cause any permanent damage. Other issues could cause costly repairs and extended downtime for RX-8 owners.

While all of that could eventually become an issue for this car, it’s likely that its low mileage and great condition will help it stay in decent health for at least a while. The seller also provided compression test results that show a healthy and functioning engine without much to worry about at the moment.

The RX-8’s tiny 1.3-liter two-rotor engine produced 238 horsepower and 159 pound-feet of torque when new. A six-speed manual transmission and rear-wheel drive are standard. The cars were, and still are, quick, thanks to their light weight. On the downside, the cars’ fuel economy and oil consumption are both prodigious.

2005 Mazda RX-8 The RX-8 was a quirky car with small doors that opened to access the back seat. Bring a Trailer

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