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Hispanics and the Car Purchasing Process - US - July 2018

"Since the majority of Hispanics plan to purchase a car within the next three years, they are constantly gathering information about the vehicles they would like. Most of this research is conducted online and through the recommendations or influence from friends and family. However, the experience at the dealer is what ultimately can make or break a sale."
- Juan Ruiz, Director of Hispanic Insights

This report looks at the following areas:

  • Hispanic men are more likely to distrust car sales people
  • Hispanic car buyers are not a homogeneous group

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • The issues
            • Hispanic men are more likely to distrust car sales people
              • Figure 1: Hispanics’ attitudes toward car salespeople and trust, by gender and age, April 2018
            • Hispanic car buyers are not a homogeneous group
              • Figure 2: Advanced analysis – Hispanic car buying segments, April 2018
            • The opportunities
              • Helping Hispanics narrow their options
                • Figure 3: Hispanics’ pre-purchase decisions, April 2018
              • Focusing on what matters
                • Figure 4: Advanced analysis – TURF – Hispanics’ research topics of interest, April 2018
              • The moment of truth is at the car dealership
                • Figure 5: Hispanics’ research methods, indexed to all, April 2018
              • Participating in a family discussion
                • Figure 6: Hispanics’ purchase type, by gender and age, April 2018
              • What it means
              • The Market – What You Need to Know

                • More Hispanics have the idea of purchasing a vehicle
                  • There are four car buying attitudinal segments for Hispanics
                    • Hispanics’ youth has them on the market for a new vehicle
                      • Hispanics are bilingual
                        • Hispanics have to prioritize expenditures
                        • The Hispanic Car Buyer Prospect

                          • Hispanics over index for planning to buy sooner
                            • Figure 7: Hispanics’ next car purchase timeline, index to all, Purchase intent, April 2018
                          • Hispanics planning to purchase in the six months
                            • A note about extending loan durations
                              • Figure 8: Profile of Hispanics planning to purchase their next car purchase in the next 6 months, April 2018
                          • Hispanic Car Buying Attitudinal Segments

                            • Not all Hispanic car buyers are the same
                                • Figure 9: Advanced analysis – Hispanic car buying segments, April 2018
                              • Defensive Car Buyers (30%)
                                • Opportunities
                                  • Characteristics
                                    • Figure 10: Profile of Hispanic Defensive Car Buyers, April 2018
                                  • No-Haggle Car Buyers (25%)
                                    • Opportunities
                                      • Characteristics
                                        • Figure 11: Profile of Hispanic No-Haggle Car Buyers, April 2018
                                      • Deal Searchers (23%)
                                        • Opportunities
                                          • Characteristics
                                            • Figure 12: Profile of Hispanic Deal Searchers, April 2018
                                          • Pragmatic Car Buyers (22%)
                                            • Opportunities
                                              • Characteristics
                                                • Figure 13: Profile of Hispanic Pragmatic Car Buyers, April 2018
                                            • Market Factors

                                              • Hispanics are young
                                                • Figure 14: Distribution of population, by age and race/Hispanic origin, 2018
                                              • Hispanics are bilingual
                                                • Figure 15: Language(s) Hispanics speak at home, January 2017-March 2018
                                              • Low unemployment can give Hispanics confidence to spend
                                                • Figure 16: Hispanic unemployment (seasonally adjusted), January 2007-April 2018
                                              • Less-affluent Hispanics have to prioritize expenses
                                                • Median household income for Hispanics significantly below national median
                                                  • Figure 17: Median household income, by race and Hispanic origin of householder, 2016
                                                  • Figure 18: Household income distribution by race and Hispanic origin of householder, 2016
                                              • Market Perspective

                                                • Household income influences the definition of value
                                                  • Figure 19: Attitudes toward automobiles – concept of value – any agree, Hispanics vs all, by household income, January 2017-March 2018
                                                  • Figure 20: Attitudes toward automobiles – Car as a basic means of transportation – Any agree, Hispanics vs All, by household income, January 2017-March 2018
                                                • The fun factors may not be enough
                                                  • Figure 21: Attitudes toward automobiles – importance of a vehicle that is fun to drive – any agree, Hispanics vs all, by household income, January 2017-March 2018
                                              • Strategic Moves – What You Need to Know

                                                • The latest technology and awards can increase awareness
                                                  • Special offers and car sales events drive traffic
                                                    • Certified pre-owned vehicles are not resonating with Hispanics
                                                      • Using the internet to purchase a vehicle
                                                        • The need to stand out
                                                        • What’s Happening?

                                                          • The latest technology can increase awareness
                                                            • Figure 22: Hispanics’ attitudes toward maintenance costs and latest technology, by household income, April 2018
                                                          • Awards can help improve brand perceptions
                                                            • Figure 23: General Motors, Direct Mail, March 2018
                                                          • Sales still drive attention
                                                            • Figure 24: Nissan, Acquisition email – Owner Appreciation Event, February 2018
                                                        • What Needs Time?

                                                          • Buying certified pre-owned vehicles
                                                            • Figure 25: Hispanics’ attitudes toward CPOs, by household income, April 2018
                                                          • Purchasing a vehicle online
                                                            • Figure 26: Hispanics’ attitudes toward buying vehicles online, by household income, April 2018
                                                        • What’s Next?

                                                          • All-inclusive subscription services
                                                            • More perks, more warranties
                                                              • A smooth experience at the dealership
                                                                • Bringing the cars where people are
                                                                • The Consumer – What You Need to Know

                                                                  • Hispanics would like new vehicles, but may end up with used ones
                                                                    • Household income is a significant driver in the process of deciding which vehicle to purchase
                                                                      • Hispanics are less likely to be willing to trade in their vehicle
                                                                        • Hispanics are flexible throughout the process
                                                                          • Hispanics tend to research areas that improve brands’ reputation
                                                                          • Purchase Type

                                                                              • Hispanics consider both new and used vehicles
                                                                                • Figure 27: Hispanics’ purchase type, indexed to all, April 2018
                                                                                • Figure 28: Hispanics’ purchase type, by Hispanic car buying attitudinal segments, April 2018
                                                                              • Hispanic men want new, Hispanic women are not sure
                                                                                • Figure 29: Hispanics’ purchase type, by gender and age, April 2018
                                                                              • Household income dictates Hispanics’ car type expectations
                                                                                • Figure 30: Hispanics’ purchase type, by household income, April 2018
                                                                            • Purchase Budget

                                                                                • Hispanics tend to spend less than the average US consumer per vehicle
                                                                                  • Figure 31: Amount paid for last vehicle purchased, Hispanics indexed to all, January 2017-March 2018
                                                                                • A higher household income means Hispanics spend more on their cars
                                                                                  • Figure 32: Amount paid for last vehicle purchased, by household income, January 2017-March 2018
                                                                              • Trade-in Intent

                                                                                  • Hispanics less likely to plan to trade in their vehicle
                                                                                    • Figure 33: Hispanics’ trade-in intent, indexed to all, April 2018
                                                                                    • Figure 34: Hispanics’ trade-in intent, by car buyer attitudinal segments, April 2018
                                                                                • Pre-purchase Decisions

                                                                                    • Lack of consensus hints that Hispanics are flexible
                                                                                      • Figure 35: Hispanics’ pre-purchase decisions, April 2018
                                                                                    • Knowing car type can remove part of the stress
                                                                                      • Figure 36: Hispanics’ likelihood of knowing what body style they want, by key demographics, April 2018
                                                                                    • Less acculturated Hispanics may welcome payment guidance
                                                                                      • Figure 37: Hispanics’ likelihood of knowing how they will pay for their next vehicle, by key demographics, April 2018
                                                                                    • Hispanic women aged 35+ are more brand loyal
                                                                                      • Figure 38: Hispanics’ likelihood of knowing which brand they want, by key demographics, April 2018
                                                                                  • Research Topics

                                                                                      • Hispanics are most interested in car performance topics
                                                                                        • Figure 39: Hispanics’ research topics of interest, April 2018
                                                                                      • Fuel efficiency and warranties can get Hispanics’ attention
                                                                                        • Figure 40: Advanced analysis – TURF – Hispanics’ research topics of interest, April 2018
                                                                                        • Figure 41: Advanced analysis – TURF – Hispanics’ research topics of interest, April 2018
                                                                                    • Research Methods

                                                                                        • Hispanics are less likely to consider consumer and professional reviews important
                                                                                            • Figure 42: Hispanics’ research methods, indexed to all, April 2018
                                                                                            • Figure 43: Hispanics’ research methods, by level of acculturation, April 2018
                                                                                        • Appendix – Data Sources and Abbreviations

                                                                                          • Data sources
                                                                                            • Consumer survey data
                                                                                              • Abbreviations and terms
                                                                                                • Abbreviations
                                                                                                  • Terms
                                                                                                    • A note about acculturation

                                                                                                    Hispanics and the Car Purchasing Process - US - July 2018

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