Experian Shows Different Car Buying Approaches Differ Between The Sexes

Women take a more rational approach than men when buying a car, new research has shown.

In a study carried out by Experian, it was revealed that females are more likely to take into account the financial demands of purchasing a vehicle than their male counterparts. According to the firm’s findings, 77 per cent of female car owners report running costs are an important consideration when buying a car, although this drops to 73 per cent for men. Meanwhile their ability to fund the purchase is an influential factor for 28 per cent of women, with 40 per cent viewing the initial spend as a crucial issue.

For consumers wanting for an effective way in which to buy a car, taking out a personal loan may be advisable.

Men, however, appear to use their heart when on the lookout for a new vehicle, with eight per cent claiming how a car reflects their personal image influences their buying decision. Just under half of males, meanwhile, state that the make and model of an automobile is of importance.

Commenting on the research, Kirk Fletcher, managing director of Experian’s automotive division, said: “The older the car, the higher the chance of it having some sort of history that would affect a person’s decision to buy it. It is important for women to protect themselves, because they are more likely to buy older cars. Men are just as vulnerable if they are more inclined to base their decisions on what the car means to them. Buying a car can be an emotional process, especially if the car buyer has gone through a lot just to find the right one.”

He went on to report that consumers’ reluctance to “let a potentially ‘perfect match’ slip through their fingers” may often see them become a target of fraudsters who advertise what appears to be a genuine second-hand car for sale only to find that the vehicle has a “hidden history”. As such he reported it is crucial for would-be purchases to carry out a full status check on an automobile.

The firm also showed that women keep cars for a longer period of time. Just over two-thirds (69 per cent) of females hold on to a vehicle for more than three years, in comparison to 60 per cent of men. Furthermore, 29 per cent of women are looking to change their automobile after this period of time, with this proportion rising to 39 per cent among males.

For those looking for an effective way in which to purchase a vehicle, taking out a personal loan might be recommended. This may allow them to buy the car of their dreams quickly and affordably. In addition, the financial assistance which a loan provides could also help them to carry out a background check on an automobile to make sure the car has a legitimate history. Obtaining a loan might also assist those in the search for a motor insurance policy after a recent study by the AA showed that car cover costs rose by 20 pounds in the three-month period leading up to the end of June.

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