Over one in five (22%) Britons do no research at all before purchasing a car, according to Black Horse, with almost half of those who do spending just a week exploring their options.
23% of buyers surveyed by the lender said they spent just one day researching their purchase. Only one in five took a month’s time to form their decision.
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Respondents were more likely to research a holiday (84%) than a car. Buyers were as likely to do research for a car purchase as for smaller, less expensive items like mobiles (72%) and TVs (66%).
The gap was most evident among 18 to 24 year olds, with only 9% saying a car was their most-research intensive purchase, compared to 41% for a holiday.
Black Horse head of motor finance, Tim Smith, said: “With the obvious exception of property, a car is likely to be the most expensive purchase people make. So it’s crucial that people carry out detailed research before buying and our data suggests many of us do not. We also see a large volume of buyers appear to carry out only limited research, despite the likely cost and lifespan of the purchase.
“We would strongly encourage anyone looking to buy or lease a car to consider all options available to them, to shop around for the best deal and fully understand the total cost especially over the term of a finance or leasing agreement. Whilst consumers rightly research electronic goods and holidays before buying, the reality is these are not usually as expensive as a car.”
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