CarGurus, a leading online automotive marketplace, recently released a report that sheds light on the car buying habits of consumers. The report revealed that only a minority of car buyers negotiate when purchasing a car. This finding is surprising, as negotiating is often seen as a crucial part of the car buying process.
According to the report, only 42% of car buyers negotiate the price of their vehicle. This means that the majority of car buyers are paying the sticker price or the price that the dealer has set for the vehicle. This is a significant departure from the traditional car buying process, where negotiating is seen as a way to get a better deal on a vehicle.
The report also found that younger car buyers are less likely to negotiate than older car buyers. Only 38% of millennials negotiate when purchasing a car, compared to 46% of baby boomers. This could be due to a lack of experience or confidence in negotiating, or it could be because younger buyers are more likely to use online resources to research and compare prices before making a purchase.
So why are so few car buyers negotiating? One reason could be that dealers are becoming more transparent with their pricing. Many dealers now offer no-haggle pricing, which means that the price listed is the final price. This can be appealing to buyers who don’t want to go through the hassle of negotiating.
Another reason could be that buyers are simply more willing to pay the asking price. With the rise of online shopping and one-click purchases, consumers are becoming more accustomed to paying the listed price without negotiating. This could be carrying over into the car buying process as well.
However, not negotiating could mean missing out on potential savings. The report found that buyers who negotiated saved an average of $1,000 on their purchase. This is a significant amount of money that could be put towards other expenses or savings.
In conclusion, CarGurus’ report highlights an interesting trend in the car buying process. While negotiating has traditionally been seen as a crucial part of the process, it seems that fewer buyers are taking part in it. Whether this is due to changing consumer habits or more transparent pricing from dealers, it’s important for buyers to consider the potential savings that could be missed out on by not negotiating.
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- Source: https://zephyrnet.com/less-than-a-third-of-car-buyers-haggle-on-car-purchase-says-cargurus/