Findings:
76% of car buyers are open to considering dealer finance options.
63% of those who previously bought cars outright are now considering dealer finance.
94% of current car finance users will consider dealer finance for their next purchase.
46% of buyers consider finance options before even starting their car search.
Only 51% of potential buyers are comfortable with the dealer finance process.
Key Takeaway:
There is a strong demand for dealer finance among car buyers, but many are uncomfortable with the process due to concerns about hidden fees, high interest rates, and pressure tactics.
Trend:
The rising cost of living is pushing more buyers towards financed car purchases rather than paying outright, creating a larger market for dealer finance.
Conclusions:
Dealers have a significant opportunity to increase finance penetration by addressing buyer concerns and improving transparency in the finance process.
Early engagement with potential buyers about finance options is crucial, as many start considering payment methods early in their car search.
Implications for Brands:
Dealers should focus on educating buyers about their finance options and addressing their concerns to increase trust and comfort levels.
Transparency and clear communication about fees and interest rates are essential to alleviate buyer anxieties.
Proactive online promotion of finance options can attract buyers early in their decision-making process.
Tailoring finance solutions to address the cost-of-living concerns of potential buyers could further drive uptake.
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