Hispanics and the Car Purchasing Process - US - June 2016
Hispanics are more likely than the average to plan on buying a car in the next three years. As they go through the car buying process, Hispanics show some flexibility in terms of the makes and models they want, particularly when they intend to purchase a used car. Hispanics are pragmatic car buyers, who are not always impressed by features they don’t feel they need. While their primary source of information when researching is the internet, it doesn’t diminish the role of dealerships in any way, as test-drives are critical and first impressions and the quality of service still matter.
This report examines the following areas:
- Hispanics show higher purchase intent
- Hispanics’ budget for vehicles strongly correlated to household income
- Most Hispanics do their research online, then test live
Mintel defines car purchasing as the act or the intended act of buying a new, used, or CPO (certified pre-owned) vehicle. Types of vehicles referenced include: all cars, station wagons, sedans, pickup trucks, vans, minivans, crossover utility vehicles, and SUVs (sport utility vehicles).
This Report offers an overview of how Hispanics approach the car purchasing process, including purchase intent, current vehicle’s ownership, purchase plans (ie, new vs used), openness to different brands and models, research sources, and how Hispanics use the internet. The Report also includes Hispanics’ attitudes toward car dealerships as well as payments, price, and value. Where applicable, findings are analyzed by key demographics including age, gender, household income, language spoken at home, and level of acculturation.
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