Survey Says

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

Eileen Falkenberg-Hull
Dec 2, 2019, 9:49 am

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.

From Your Site Articles
Related Articles Around the Web

 
 

Hollywood

Lucasfilm shows off new Porsche-designed starship ahead of 'Star Wars: The Rise of Skywalker' premiere

Lucasfilm and Porsche are celebrating the premiere of "Star Wars: The Rise of Skywalker" with the design of a new starship.

Photo courtesy of Porsche

Sure, they are hard at work already designing the next-generation 911, but Porsche designers took a little time out of their schedule to work on a different type of passion project, a Star Wars starship.

Design studies in Weissach and San Francisco worked together to create initial ideas and drafts for two months before settling on the creative concept. Its name is Sri-Wing S-91x Pegasus Starfighter.

The concept will be presented in its entirety at the world premiere of "Star Wars: The Rise of Skywalker" in Los Angeles on December 16. The model is five feet in length.

Sri-Wing S-91x Pegasus Starfighter

Sri-Wing S-91x Pegasus Starfighter Porsche Star Wars

Photo courtesy of Porsche AG

Porsche and Star Wars designers got together to create this unique starship.

"The design of the spaceship is harmoniously integrated into the Star Wars film world while at the same time demonstrating clear analogies with the characteristic Porsche styling and proportions," said Michael Mauer, Vice President Style Porsche, Porsche AG. "The basic shape of the cabin, which tapers towards the rear, and a highly distinctive topography from the cockpit flyline to the turbines establish visual parallels with the iconic design of the 911 and the Taycan. The very compact layout conveys dynamism and agility, lending emphasis to the Porsche design features mentioned."

Though starships are usually only seen on-screen in 2D. However, that design has to give the impression that the vehicle is dynamic while being instantly recognizable. Porsche designed the Sri-Wing S-91x Pegasus Starfighter in 3D.

This Starfighter is infused with design DNA that is apparent in modern Porsche models. According to Porsche,

The front is reminiscent of the so-called "air curtains" (air inlets) that go together with the headlights to create a single formal entity in the Taycan. In addition to the four-point daytime running light typical of Porsche, the so-called "blasters" – long gun barrels at the front – are located at the tip. The rear grid with the louvres and integrated third brake light was inspired by the current 911 generation, and the rear section of the starship bears the brand's hallmark light bar. Porsche design criteria have been applied to the interior, too: the instruments in the cockpit are clearly aligned with the driver's axis, while the low seating position is reminiscent of the sporty ergonomics in the Porsche 918 Spyder.

Porsche's first all-electric car, the 2020 Taycan, will appear alongside the spacecraft on the red carpet at the premiere.

A behind-the-scenes look at the creation of the starship is available online at www.thedesigneralliance.com.

From Your Site Articles
Related Articles Around the Web

 
 

In-Car Tech

BMW adding wireless Android Auto in 2020, ditching Apple CarPlay fee

Google recently enhanced its Android Auto interface.

Photo courtesy of Google

Better late than never. BMW has announced that they will add wireless Android Auto to their vehicles starting in July 2020. The German automaker already offers Apple CarPlay, and in 2017 because the first company to make wireless CarPlay available.

In 2018, BMW became the first automaker to charge specifically for Apple CarPlay, requiring customers to cough up $80 per year for the tech. Last week BMW let it slip to Roadshow that they would no longer charge the fee for 2019 and 2020 model year cars.

Android Auto 2019 Android Auto is able to perform many of the functions of a traditional smartphone while hooked up to your car, including give directions.Photo courtesy of Google

Android Auto will be available in the new vehicles sans special equipment fee.

Like with Apple CarPlay, Android Auto links a smartphone's functionality to a vehicle's infotainment system. When it becomes available, Android Auto will be able to fully integrate into BMW's digital cockpit meaning that the information appears in the car's head up display and instrument cluster instead of exclusively in the infotainment screen at the center of the dashboard.

"We are excited to work with BMW to bring wireless Android Auto to their customers worldwide next year," said Patrick Brady, Vice President of Engineering, Google. "The seamless connection from Android smartphones to BMW vehicles allows customers to hit the road faster while maintaining access to all of their favorite apps and services in a safer experience."

If you're wondering whether or not your phone is compatible with Android Auto, click here to see a handy guide from Google.

The public's first peek at Andorra Auto will be at the Consumer Electronics Show in January.

Android Auto will be available for all BMW customers in 20 countries with BMW Operating System 7.0 in mid 2020.

From Your Site Articles
Related Articles Around the Web