Price remains the most important consideration for buyers when it comes to purchasing a vehicle, according to motor dealers. The latest Forecourt Foresight research from Close Brothers Motor Finance reveals that motor dealers see price as one of the top three considerations for over three quarters (77%) of their customers.
The research, which asked motor dealers what their customers look for when making a vehicle purchase, found that considerably more men than women cite price as their top concern when it comes to vehicle choice (46% vs 31%).
And the gender differences do not stop there. In addition to vehicle cost, men had MOT and service history (74%), as their top considerations. On the other hand, women rank car attributes (57%) and insurance costs (41%) as their biggest concerns aside from cost of the vehicle itself - and this could become a growing concern as insurance premiums reached a record high in the first quarter of this year.
Women are also much more likely to be concerned about road tax costs than men (35% vs 21%), as well as fuel costs (19% vs 11%). The environmental friendliness of the vehicle is a top-three concern of 12% of women, but did not make the top three for any men.
Top concerns for car buyers
Lisa Watson, Director of Sales at Close Brothers Motor Finance, said: “Naturally, price is the key consideration for prospective car owners. We know that pockets are pinched at the moment and drivers need to do as much as they can to ease the growing cost of motoring.
“But our latest Forecourt Foresight research reminds us that considerations go beyond price, and dealers see marked differences in how men and women weigh up their options before making a decision on purchases. It’s vital that dealers utilise the tools and insights at their disposal to understand the various points of differentiation for men and women in terms of purchasing priorities. Doing so will ensure their forecourts are best stocked to meet the demands of their customers and at the same time maximise their profitability.”
