A new study by TrueCar Inc. determined that consumers prefer to know the true price of a car paid by others along with transparency when car shopping. It seems most consumers are not aware of what the dealers actually make on each new vehicle sold.
The study, conducted by Synovate, polled 1,000 adult consumers on topics all relating to new and used car buying, and focused on behavior, perceptions, and transparency.
Scott Painter, founder and CEO of TrueCar said, "The goal of this study was to find out more about consumers' mindset when it comes to buying a car...What we've learned is consumers really want to feel they can trust the dealer to be fair. And the only way to achieve that is through transparency and upfront pricing."
Below are some of the key survey points TrueCar learned from the study:
- 85 percent of new car shoppers believe that knowing what someone else paid for the same car within the last 30 days would be helpful in their buying process
- When choosing a dealership to purchase a new car, the two most important factors are price (78 percent) and trust (70 percent). At the bottom of that list is the dealer's professional staff (9 percent)
- 52 percent of shoppers would drive 30 minutes to an hour to achieve a guaranteed savings of $2,300
- More than 90 percent of in-market new car buyers believe it would be valuable to require a dealer to provide a no-haggle upfront selling price
Painter says that TrueCar plans to do this study annually to gain more insight about how consumers think cars should be sold in the future.