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More Aussies researching new cars and car loan rates online

More Aussies researching new cars and car loan rates online

What’s the best way to do your research before making a new car purchase? According to new research from Roy Morgan, about two thirds of you are likely to have said “the internet” regardless of your generation.

According to Roy Morgan’s Single Source Survey, 67.6% of people intending to purchase a new car in the next four years described the internet as the most useful media for providing information on their purchase decision – a difference of 10.1% on figures from 2013.

Almost half (45.6%) of car buyers started their car research with an internet search engine such as Google, while around one in four (24.9%) went directly to a specific website.

While all generations were found to be turning away from traditional media and towards online sources for researching new car purchases, some traditional media is remaining relevant to selected demographics:

  • While the overall market preference for newspapers is only 10.7%, this rises to 17.7% for Baby Boomers and to 23.2% for Pre-Boomers.
  • Television was found to be most represented among Generation Z with 8.3%, above the overall average of 5.4%.
  • Magazines were found to only remain relevant to Pre-Boomers, with 8.8% against a market average of only 4.1%.

Roy Morgan industry communications director, Norman Morris, said:

“The widespread use of the internet to provide detailed information to intending car buyers gives them unprecedented ability to make well informed decisions, particularly when negotiating with dealers.”

Media most useful for providing information when purchasing a new motor vehicle

MediaProportion most usefulChange from December 2013
Total internet67.6%+10.1%
Internet search e.g. Google45.6%n/a
Internet all other websites24.9%n/a
Newspapers10.7%-6.3%
Television5.4%-1.9%
Magazines4.1%-2.1%
Catalogues3.4%-0.3%
Radio1.0%-0.2%
Yellow Pages0.6%

Source: Roy Morgan

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This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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