Experian: Vehicle brand loyalty may be disappearing
Posted on Tuesday, November 4, 2014 at 9:28:26 AM
Brand loyalty is something that most consumers deal with. While not every person has their preference and sticks with it forever, there are certain purchases that are swayed by the reputation of the maker. One such deal is a new car.
According to Experian Automotive, consumers might actually be loosening their grip on vehicle brand loyalty. Recent analysis showed that length of ownership directly impacts the odds of a buyer choosing that same brand for their next purchase. In general, it appeared that longer ownership meant a stronger desire to shop around next time.
"Leases with their fixed length ownership cycle are typically strong contributors to brand loyalty," explained Brad Smith, director of automotive market statistics for Experian Automotive. "Over the course of seven years of ownership, a lot of things change, including vehicle product offerings, vehicle budget and credit score."
If you are interested in shopping for a new car, make sure you are ready beforehand. One of the most important steps is finding the right auto financing. Ahead of your trip to the dealer, consider getting pre-approved for a loan, or at least comparing rates. This will help you be more prepared and prevent any unfortunate surprises.
Overall, do your research so your transaction is as seamless as possible.