FARMINGTON HILLS, Mich. — Seventeen percent of respondents to market research and consulting firm Morpace’s monthly online survey said they would complete a car-buying transaction from start to finish on their smartphone.
Morpace surveyed approximately 1,000 U.S. consumers for its March Morpace Omibus report, asking them if they would feel comfortable buying a new car using a mobile device. Car buyers between the ages of 18-34 were most likely to complete the transaction on smartphone, with 28% saying they would do so.
Of consumers who have an income of more than $100,000 annually, 21% said they would complete the transaction from their phone. Morpace suggested this might be because these consumers can afford higher-end smartphones with larger screens and faster Internet service.
The firm also asked 18- to 34-year-olds how using a smartphone to research or buy a car impacted the shopping experience. Twenty-five percent said it saved them time, while 14% claimed using a smartphone got them a better deal. Another 14% said it increased their confidence and 13% noted that shopping on their phone enhanced the overall experience with positive feelings about car shopping.
“Younger consumers find many benefits of using their smartphone to research and execute the purchase of a new vehicle,” the report read, in part. However, 51% of 18- to 34-year-olds said they did not use a mobile phone to shop, and 7% said using a phone had no impact.
In the 35- to 54-year-old group, 27% of consumers said the most important feature on a car shopping app was pricing.
“Consumer increasingly see value in being able to comparison shop for more expensive items such as vehicles online,” the report concluded.
To view the full report, click here.
Originally posted on F&I and Showroom