Survey Shows Shoppers Leaning Toward Pre-Owned Luxury
HAUPPAUGE, N.Y. — Economic uncertainty doesn’t seem to be affecting consumer’s desires for luxury features in a car, according to loan aggregator GrooveCar.
At least for those in Long Island, luxury reigns above fuel efficiency and economy, according to a recently completed survey.
Though luxury remains a concern, survey respondents showed it doesn’t have to be “new” to be luxurious. GrooveCar's recent survey that canvassed over 200 auto dealerships in the metro New York region showed consumers tend to prefer pre-owned rather than new vehicles.
Designed to determine how the economy is impacting car buying and leasing, the survey discovered that those ages 45 to 54 are the most likely to purchase vehicles for luxury and technology features.
But these results might not be the case for the country as a whole.
Commenting on the news, GrooveCar senior vice president Frank Rinaudo said, “You could argue that the results found here may be atypical of the rest of the country.
“We too were surprised since the economy has not left Long Island or the metro New York area unscathed. It (survey) still shows there is a vibrant car market out there,” he continued.
On the other hand, the respondents ages 35 to 44 preferred to shop economy, company officials shared.
Over all, the company noted getting all the “bells and whistles” seemed to be important to those surveyed. But brand, price and reliability played a part in shopper’s decisions, as well.
Safety and warranty were secondary concerns, according to the survey.
The financial intermediary GrooveCar facilitates the sale, lease, purchase and financing of cars and motorcycles for many Long Island credit unions.